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.