Quality Kerry spread

AS nine city apartments in one lot go ‘sale agreed’ for over €1m, via Downing Commercial in Cork’s Mahon, a Killarney offer — also of nine quality units — comes to tempt a wide range of investors.

The nine apartments in one block on Killarney’s Countess Road, owned by a private investor who’d bought as a pension, are being sold with a guide in excess of €600,000 sought; in fact, the Kerry block has already gone over that in offers to c €660,000.

They comprise one lot, block five, of six blocks built by Sundays Well Developments in a well-regarded scheme called The Avenue. At the time of its construction in 2004, to include 103 apartments in all with 27 holiday units plus crèche, it was valued at close to €40m, and development levies alone reached €1 million. Individual apartments sold from €270,000, to €400,000 for penthouses.

Now, the mix of six two-beds, and three c 130 sq m three-bed duplex penthouses possibly can be bought from €70/75,000 per unit going on current interest.

Joint selling agents are Tadgh Gallivan and Tom Spillane, who describe them as being fitted to four-star standard. They are currently leased to the 177-bed Malton Hotel, which is also for sale, via Savills, guiding €15m and in advancing negotiations this summer as a portfolio sale, at first round bids cut-off.

There’s access to the hotel, the former Great Southern Killarney, via the car park, and the terms of that agreement with the Malton conclude at the end of this year, but new owners may opt to renew a lease. The apartment block, called Maple, attracts an annual maintenance fee of €12,700 pa, and there’s secure parking.

If privately rented, the units would earn €9,000 pa for the two-beds, and €11,000 pa for the three-beds, or close to €90,000 pa for the lot, reckons Mr Gallivan who say there’s a current bid of €660,000 on the lot.

There are up to a dozen early inquiries, with open viewings this Saturday. Among those looking are private buyers and groups, and if bought now and held for seven years will be free of any capital gains tax when resold.

Meanwhile, no details have yet been confirmed on the nine Jacobs Island apartments in the Falcon building, near the hugely renewed Mahon suburbs and south city ring road.

Offered earlier this year by tender, the nine two-beds within the six storey Falcon building average €800 per month income, or €85,000 pa all in.

Ten years ago apartments here sold from €280,000 to €305,000, with 2013 resales between €130-175k.

Details: Property Partners Tadgh Gallivan, 064-6634177; Tom Spillane & Co, 064-6633066; Downing Commercial, 021-4271000