Dairygold has confirmed that it has sold its Creamfields development property to Cairn Homes for €25.6m.
Creamfields is the former CMP (Cork Milk Producers) Dairies site on the Kinsale Road in Cork City, which Dairygold received full planning permission in 2022, for the development of 606 residential units and other commercial units.
The 606-unit Creamfields scheme will deliver a total of 225 social and 381 cost-rental apartments on a site opposite Musgrave Park.
Dairygold partnered with Cairn Homes, one of Ireland’s largest home builders, to deliver the residential element of the development, and both parties engaged with housing body Respond to develop a mixed residential offering of cost rental, affordable and Part V social accommodation, which was supported by Cork City Council.
The 606-unit Creamfields scheme will deliver a total of 225 social and 381 cost-rental apartments on a site opposite Musgrave Park and close to the South Ring Road and Tramore Valley Park.
The project, which secured planning from the former An Bord Pleanála in June 2022, is the largest collaboration yet for Cork City Council’s housing directorate.
Enabling works are already underway on site, and the project could take up to three years to deliver.
Dairygold Chief Executive, Michael Harte said their strategy for non-core property assets is to maximise their value and to divest of them at the appropriate time. “Dairygold has been successful in this strategy and over the last number of years, including receiving planning approval for approximately 1,200 much-needed homes.”
Dairygold Chairperson, Pat Clancy commented: “The Creamfields site was the home of CMP Dairies which was the dairy brand of choice for the people of Cork before it closed in the early 2000s. The Creamfields name reflects that heritage and recognises the contribution it made to commercial and social life in the city, and the livelihood it provided to hundreds of dairy farming families.”
“For these reasons, Dairygold was keen to ensure that the project would be appropriately delivered, and we are confident that with the involvement of Cairn Homes Plc, Respond AHB and Cork City Council, this will be achieved, and Cairn Homes plc will be commencing the development in Q4 2025,” he said.