Good rent returns at Fairgreen in Mallow when fully completed

THE chance to complete and to asset manage a very substantial portion of the Fair Green development in the north Cork town of Mallow has come about, as part of a receivership instruction.

Newly put to market with a round €2 million asking price is a substantial asset, comprising a portfolio of seven commercial units, partly let and including the OPW as a tenant, along with 18 apartments/townhouses plus car parking at basement/under deck level.

Projected rental levels once completed and fully let is c €160,000.

The sale is for receiver Ned Murphy of Moore Stephens, and agent is Niall Cahalane of Cahalane Skuse, who is selling this chunk of the multi-million euro, mixed-use, early 2000s Fair Green scheme initially developed by Donal McAuliffe by private treaty, in its entirety and as one lot.

“It offers an excellent opportunity to acquire a modern well located investment property portfolio in this thriving north Cork town with an excellent road infrastructure and rail link,” Mr Cahalane says.

The disposal includes seven commercial units, extending to 1,670 sq metres or almost 18,000 sq ft.

Of this, c 495 sq m or 5,200 sq ft is already let out to users such as the OPW for an advice centre, a hairdressing salon and a restaurant, while a further further c 824 sq m (8,800 sq ft), effectively a theatre space, is let under licence to a religious organisation.

The balance comprises of three own-door street level retail/office units, at present in a shell and core state “and offering any potential client the opportunity to further enhance the yield,” states Mr Cahalane.

The residential element spans 18 currently partly-let apartments and townhouses, of various sizes.

The mix embraces two three-bed homes at Plaza View, one three-bed detached home on the street, plus seven one-bed apartments and eight two-bedroomed apartments.

Currently, other Fair Green units rent from €600 per month for one-bed apartments to €750 per month for two-beds.

Four of the 18 units are tenanted, and a number need final finishing/furnishing, while several need kitchens, etc.

Demand is expected to come from private investors/asset managers, and possibly those with self-administered pensions given the lot size of €2 million, and there’s scope in new ownership to hold for rental income, or to dispose of some or all of the units, as smaller investments or to owner-occupiers.

Details: Cahalane Skuse, 021-4279179