Offers of €1.2m sought for entire gated development on Vicar’s Road

Sonas, a landmark development on the junction of Vicar’s Road and Ardmanning Avenue in Cork city, is a contemporary gated scheme of townhouses and apartments with a rent roll of almost €120,000 per annum.

The entire development is now up for sale with Catherine McAuliffe of Savills by private treaty, and she’s seeking offers in the region of €1.2m for the fully let scheme. Tenants will be unaffected by the sale, she says.

Comprising 11 units in total on a corner site with frontage onto two roads at Togher, the area is a major letting zone as many of the major institutions of the city are a walk away. These include Cork University Hospital, Cork Institute of Technology, University College Cork and the Bons Secours Hospital.

Sonas, with gated access from Vicar’s Road, has a mix of three-bed townhouses, one and two-bed apartments and a three-bed detached house.

All units are fully fitted and furnished and each townhouse has a private front and rear garden, while the apartments have communal areas to the front and rear.

Ample parking is available, including allocated parking for each unit and the detached house has its own private vehicular entrance to the rear.

The breakdown is seven, three-bed houses; two two-bed units; a single one-bed apartment and one three-bed detached house. Each townhouse has private garden with communal garden area to rear.

The apartments are very attractive in that they’re set in the central, ‘tower’ of the scheme with unusual and attractive room layouts — one of the reasons why they let so swiftly with an income of €114,600 per annum.

Average sizes are in the region of 64-68 sq metres for the apartments, and the townhouses have a floor area of 80 sq m, with the single detached house coming in at 149 sq m, rounded up.

Each unit, with a range of BER ratings for a high B3 to a good C2, comes fully furnished with a quality finish and accommodation is generous, with separate living room and kitchen/dining rooms in the townhouses, as well as a fireplace.

The houses and apartments all come with power showers and kitchen fittings are modern and good quality.

In terms of purchase, this is a walk-in proposition, says Catherine McAuliffe, and represents a yield of 9.66% per annum based on the current rent roll of €114,600. The estate agent also says if the property is purchased before the end of 2014 and held for at least seven years, the eventual sale will be exempt from Capital Gains Tax (CGT) for that period.

Details: Savills, Cork, 021-4271371