Wellesley well worth it?
Numbers 3 and 4 Wellesley Terrace off Cork city’s Wellington Road are Georgian terraced homes of stature, but currently in unglamorous bedsits. They’ve 10 rental units or 17 bedrooms with 10 bathrooms between their 6,500 sq ft of space.
Currently rented, there’s an offer in via Clare O’Sullivan of Savills at €350,000, and they are seeking €380,000 for the duo together. There’s a €150,000 offer on No 3, which is laid out in four two-bed flats, and No 4 is in six bedsits. Both have had recent fire-regulation requirement work done and each has a rear fire escape. Rents fully occupied were in the region of €45,000 a year.
The terrace is in an elevated, south-facing cul-de-sac, with a mix of properties. The late sculptor Seamus Murphy and his wife raised their family here.
Both houses, on long leases, need work, especially if they are to be converted back to private residential use, and each has rear walled and stepped gardens with private leafy front gardens across the access road.
Meanwhile, Savills are selling another similar Georgian era mid-terraced Cork city house at 2 Wood Hill Villas, Tivoli. Also a rental property, in five units, the four-storey over-basement 4,000 sq ft house by the Cobh/Midleton rail line and with River Lee views has a €265,000 guide price (current offer is €205k).
No 1, Wood Hill Villas, which is end of terrace, hit the market last month in similar condition but with more gardens, seeking €335,000 via Sherry FitzGerald.
All three Savills properties, with serious private residential renovation potential, are protected structures.
