€3.2m city portfolio

A private investment portfolio of 28 apartments, and two retail units in Cork city centre is being offered to market in lots, worth €3.2 million combined.

At individual prices from €620,000 for six, to €1.45m for 16, broad investor interest is expected.

Between the three, designed with the student rental market in mind given the proximity to UCC, there’s c €400,000 pa in rental income to be had.

Selling agent for the trio is Trevor McCarthy of Irish and European, offering them by private treaty.

According to Mr McCarthy “they’re being sold as going concerns, with none of the tenants affected.”

Largest is the prominent Abbey Wharf, on the North Mall by the North Gate Bridge. Alongside, several older period river-fronting buildings are currently being renovated, while the 5,000 sq ft former County Fire Offices at the western end of North Mall were recently sold for €425,000, due to renovated by private family buyers with pharmacy interests.

Rebuilt over a decade ago, Abbey Wharf is a five story end of terrace building laid out in 16 apartments, giving a total of 59 bedspaces, with 11 four single bedrooms and five three beds, in two blocks.

There’s access from the North Mall and from North Abbey Street to the rear, with a lift access to the back block, and overall condition is very good, say Irish and European.

Gross income for the current academic year is €194,700, and asking price is €1.45m.

Adjacent to Abbey Wharf is 5-6 North Abbey Street, an end-terraced three-storey development with 22 student bedrooms in six self-contained apartments, one laid out at ground level for disabled access and use. Current income is €82,600, and asking price is €620,000.

Separately done to a similar standard by the same investor/developer owner is 25 Washington Street, a renovation and conversion of a protected structure. This red-brick-faced four-storey corner (at one stage D&A O’Learys) property has two commercial units on the ground floor, and overhead are six apartments. The larger 1,256 sq ft unit, previously a café/restaurant, is vacant, having previously been occupied by a café operator. The other 840 sq ft unit is occupied on a long lease. Location is near the former Kino cinema and the Courthouse, half a kilometre from UCC’s main gates.

Asking price is €1.15m, and current gross income is €118,600.

* Details: Irish and European, 021-4277606