Investors eye prime city investment opportunity

THE steady march of re-gentrification continues at St Luke’s Cross in Cork city, where large older houses are going back from years of flatland habitation to private residential usage.

But that switch may not be on the cards at 2, Rosenath Villas on Military Road.

The area is steeped in the city's military history, what with Collins Barracks up the road, and many of the houses on this hillside overlooking the city were built for army officers in the late 1800s.

Roseneath Villas is a terrace of good-sized red-brick homes at the top of Military Hill, with Military Road the actual address.

With its views over the city, number 2 just over a week on the market is getting a lot of investor interest, says Terry Hayes of Remax Cork and County auctioneers.

He has a €335,000-plus price guide on the three-storey house and reckons the attractive looking terrace is 50:50 owner-occupier and investor in terms of profile for a successful sale.

There are two reasons he feels that no 2 will be bought by an investor: firstly, it already is laid out in three separate self-contained units, each with its own metered ESB supply, so it can be bought and run as is and let out for an income of up to €20,000 a year.

And, secondly and more importantly for those keen to buy a private home here, it doesn't have a back garden.

Most of the terrace of houses here have both front and back gardens, but the first two have only yard space behind, without rear access, so options to do anything to the back are limited.

So, no 2 is what you see is probably what it will continue to be, a good solid investment property on a bus route, within a 10 minute walk of the city centre with two one-bed units and one two-bed at its middle level.

It has a small front garden, is in good overall condition but might need further spending and decorative work.

Heating is by electric storage units and the house has aluminium double glazed windows, smoke detectors and the sale includes contents.

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