Agribusiness group Origin Enterprises said it had agreed the sale of land in Cork’s south docklands to O’Callaghan Properties for up to €47.5 million.

The deal, which is dependent on gaining certain permissions and approvals, will include up to 31 acres of land. The Cork docklands area has been designated for future urban development.

Origin is expected to gain about €3.5 million from the sale, if the full purchase price 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,” Origin chief executive Tom O’Mahony said.

Under the terms of the deal, Origin will relocate its business in the docklands area to an alternative location “at an economically viable cost”.