Irish agri-services group Origin Enterprises has struck a deal to sell 31 acres of land it owns in the South Docklands area of Cork city for €47.5m. In an announcement on Tuesday morning, Origin said it had agreed a deal with O’Callaghan Properties, a Cork-based property developer, to sell the land for a cash consideration of up to €47.5m, pending a number of outcomes.

The docklands area of Cork city has been designated for future urban development. Origin will receive the full amount of €47.5m for the property if a number of conditions are met, including granting of various planning permissions and approvals. Origin must also relocate its existing fertiliser and grain-handling facilities from the site at Cork Port to a new location at “an economically viable cost”.

Origin estimates it will make a gain of approximately €3.5m on the deal, assuming the full €47.5m sale figure is achieved.

“We look forward to actively working with O’Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset to support the sustainable and progressive development of Cork city in line with the Government’s National Development Plan 2040,” said Tom O’Mahony, Origin chief executive.