International interest expected as Cork apartment block goes on market for €17.5m

Tommy Barker An entire apartment development with 62 units in Cork city’s suburbs is for sale, as a single lot, being offered to investors with a guide price of €17.5m.

An entire apartment development with 62 units in Cork city’s suburbs is for sale, as a single lot, being offered to investors with a guide price of €17.5m. Going to the open market as a receiver-driven sale this week is Park Avenue, a high-end residential scheme in four blocks off the South Douglas Road, developed by the Kenny Group, completed a decade ago, and with its units rented since then.

Low-key moves to sell Park Avenue’s apartments were mooted last year, both as individual units and in blocks — now, there is a change of agents, a decision to sell publicly on the open market as one lot, and all aimed at the lucrative and hungry buy to tent/private rental sector. Interestingly, 53 of the 62 apartments are now vacant and ready for fresh lettings, once in new ownership.