Starter homes: Cork City €125,000

Sq m: 67 (720 sq ft)

Investors and other buyers today will do better out of a Cork city centre Fitton Street apartment development than those who jumped in back in 2006.

Case in point is No 12, Quay House, one of 18 units built off Cork city’s financial heartland.

Killarney-based developer David Crowe of Oyster Developments/Mangerton Construction sold most of the 18 one and two-bed plus penthouse units prior to launch in 2006, with 720 sq ft two-beds making a hefty €340,000/€380,000. Rents were never going to repay the investments, or mortgages: hopes were pinned on capital appreciation, given the South Mall proximity.

Now, No 12, Quay House, a quality unit here in the niche scheme on Morrison’s Island is for sale for 125,000 via Glenn O’Connor of DNG Creedon, and likely buyers will be investors. It earns €900 per month, or €10,800 pa, with management fees of €1,290 pa.

VERDICT: Quality, at a vastly reduced price, but no reserved parking.