Where Fin Barre taught, let Munster investors earn

WHERE Fin Barre taught let Munster earn could be the wry take on a new Section 50 development on College road, called Fuller’s Lodge.

Starting at €350,000 and rising to €450,000 for 900 square foot units, these are some of the most expensive apartments on offer in purpose-built student accommodation in the city.

So far, between 2,500 and 3,000 student bed spaces have been applied for in Cork and the cut-off point for the scheme was at the end of September last. The local authorities are now finalising applications on the tail-end schemes, which also have to go through a registration procedure with third-level institutes in the city.

Developers, Vericon Ltd, expect a keen uptake for what are, in effect, off-the-peg tax shelters for investors with a healthy rent roll.

The common or garden, one-house investor need not apply here, as the entry level far outweighs the tax concessions it's generally held that multiple lettings should be held for Section 50 to be effective.

Fuller's Lodge will have 11 apartments in total and will come finished to a high standard, says selling agent, Jackie Cohalan, of Cohalan Downing and Associates. Each unit will come turnkey and will have ISDN lines with study desks to each bedroom.

The Fuller's Lodge apartments will also return on the initial investment by producing a healthy rental income into the future, she says, because of their superb location. And the properties should also appreciate in value, she adds.

This can't be gainsaid, as a site visit will show a steady stream of students pass up and down this road all day, and the new units are just five minutes from UCC.

Fuller's Lodge is an infill project next door to College Square, a landmark courtyard of 19th century artisan dwellings with access to Bandon Road.

Previously, the site had five houses fronting onto the road, but were demolished and their large gardens now provide space for a separate block to the back of the site, facing onto Elm Hurst Mews, an older Section 23 scheme.

Architects Hudson Associates have created two green areas in the centre of the development with walkways and bicycle rests as well as paved areas with integrated stores.

Onto the street, the facade will mimic the buildings across the road, rather than the original houses, and will abut onto the footpath, with four of the units slightly stepped back to break the line and also, to ease congestion.

Three storeys high, and with high pitched dormers, Fuller's Lodge will be taller than the Threshold development next door, with its signature courtyard.

Two of the five doorways will lead directly into the courtyard/green area, with stairways to the upper levels and three will be own-door units.

Of the 11 units, two of the apartments have dedicated disabled bedrooms.

All units have three to four bedrooms with ensuites and laundry facilities and a wardens apartment is also provided.

Now at first floor level, five of the units are being launched through joints agents, Cohalan Downing and Associates and Burke Wall Property Partners.