Property revolution off the South Terrace

HERE’S an on-going quiet revolution off Cork city’s Douglas Street, with millions of euro flowing in property investment.

St John’s, a VEC further education college, is getting a four-storey €12 million plus extension/new building, a new high quality social housing apartment block of 36 apartments on White Street has just been allocated through Cluid, and new private apartments are following the rush to invest in this inner city area just off the South Terrace. On the market since the start of the year are new Section 50 (tax breaks) student apartments at Reeves Hall, on Rutland Street. Construction is advancing on conversion of the former stone-built, 18th century tannery to 22 apartments.

Estate agent Jackie Cohalan of Cohalan Downing is handling sales, with five of the 22 units sold. Prices start at €290,000 for units with 88% capital allowances which investors can off-set against rental income. Long term capital appreciation will be particularly strong, given the quality of the design, proximity to the city centre and the relatively small number of units, she notes.