THE quiet market sale of a €30m-plus residential development, totalling 165 apartments in Cork’s Ballincollig, is likely to see a continuation of overseas buyers and funds now looking for multi-family investments of scale, outside of the Dublin market.
THE imminent sale of the Elysian tower development to an as-yet unconfirmed international fund, with 217 fully let apartments and commercial units at what’s understood to be a 5% return, may see a snowball effect of REITs and funds interested in Cork city’s multi-family unit sector.
A number of new office occupiers and sale deals are coming to an end-of-year close in the heart of Cork city, at Lapps Quay, at City Quarter, and at the Elysian, where a new walk-in medical clinic is set to open next month and where a new restaurant letting is agreed. Plus there’s 12,000 sq ft of offices at the Elysian under active negotiation via Lisney.
Cork-based property developer Michael O’Flynn will gain control of around 500 acres of developmental site assets in Ireland and the UK as part of the resolution of his long-running legal dispute with US private equity firm Blackstone Capital.