Schemes of shops and 640 apartments to be included in Ulster Bank sell-off

A Cork suburban scheme of shops and 142 apartments at Dennehys Cross is part of a €75m investment and distressed assets sell-off, to include 500 Dublin apartments, by Ulster Bank.

The Cork scheme, developed by Frinalla and now nearing completion with the final 82 apartments being readied for rental, was part of a €100m Frinailla asset swoop by Ulster Bank in May of 2010, with receiver Kieran Wallace of KPMG appointed.

Agent Catherine McAuliffe of Savills has overseen the completion of the Dennehys Cross scheme called Orchard Gardens, where 12 apartments went up for rent this week averaging €1,000 a month for two-beds. She has 82 more almost ready to rent, and a number in the first phase have been let to UCC.

The development, 500 metres from UCC and the Bon Secours, includes a 14,000 sq ft Tesco Express, with other retail space marketed by Savills.

The agents don’t currently give a price breakdown on the three bundled lots in the Dublin and Cork €75m Gemini investment offer, which is showing a 70% discount from market peak values. It has with a combined rent roll of €5.56m, a 6% initial yield, set to rise to c €8.5m when fully let.

The mix totals 640 apartments, shops and the 48-bed Glashaus Hotel in Tallaght. The latter, along with with 345 apartments, is part of a Liam Carroll development at Tallaght Cross East and receiver there is Paul McCann of Grant Thornton. Also on offer for KPMG is Island Key, by the IFSC, with mixed uses and 153 apartments.

When KPMG were appointed to Frinallia’s Cork assets, the sites taken included the former Good Shepherd Convent, and Temple Grove/the Vicarage on Carr’s Hill, Douglas where sales are continuing via Savills. Frinailla also had key sites like Cork’s Grand Parade, earmarked for a c €300m mixed use scheme.

* Details: Savills 021-4271371

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