Furbished to the nines

EAGLE-EYED investors will swoop on a portfolio sale of nine apartments in Cork’s Jacobs Island — in a block called the Falcon.

Thu, 16 Jan, 2014 - 00:00

Tommy Barker

Location is at the city’s peninsula end, at Mahon, where huge renewal and investment has transformed a 111-acre land parcel, put up for sale in the 1990s by Cork City Council, and acquired by Owen O’Callaghan and McCarthy Developments. Further retail and office developments have followed, bringing several thousand jobs to schemes like John Cleary Development’s City Gate and City Gate Park: with further scope for development, Mahon is Cork’s Sandyford.

Jacobs Island is also just off the city ring road and the Jack Lynch tunnel. Now, nine rented, two-bedroomed, quality apartments are for sale, singly or in lots, at an all-in guide of 850,000, or 95,000 per unit.

They are being offered for sale by tender, by Feb 13, via agents Declan Hickey and John Downing, of Downing Commercial, on behalf of a syndicate of pension owner/buyers. Strong interest is expected in the nine, in lots of one to nine, but it’s probable they’ll sell multiply rather than individually.

There’s a rent-roll of 85,000 from the nine, or an average of 800 a month per unit, and quality and condition are good: “they’d rent all day long, it’s a popular development, with parking, all have balconies and seven of the nine have Cork harbour views over the Mahon walk,” says Mr Hickey.

The nine are set over three floors of the six-storey Falcon building, with one on the second floor, and the remaining eight apartments are split evenly between the third and fourth floors.

They’re all two-beds, ranging in size from 730 to 815 sq ft, with an en-suite in each apartment.

The Jacobs Island scheme, done by McCarthy Developments, saw two-bed apartments go on offer back in 2004, at prices from 280,000 to 305,000: the price register shows 2013 sales at 130-175k.

Jacobs Island includes a mix of one- to three-bed apartments, detacheds and semi-detached houses. Some site work has taken place recently on the remaining, undeveloped portion of the land by the apartments.

Details: Downing Commercial, 021-4271000

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