Agri-services group, Origin Enterprises, has agreed to sell 31 acres of land at South Docklands in Cork to O'Callaghan Properties for €47.5 million.

Origin says it expects to make €3.5 million on the sale, assuming the full amount is realised.

Various permissions and approvals will need to be in place for the transaction to go through, the company said in a statement this morning.

The firm’s existing business on the land will also have to be relocated at an "economically viable cost" to another location, as part of the deal, it said.

"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 Origin Chief Executive Officer, Tom O’Mahony

The Cork Docklands area has been designated for future urban development, making the property a valuable one.

A well-known Cork based construction firm, O’Callaghan Properties has developed residential, commercial and retail property in Ireland and the UK over the past 50 years.