Cork's 19th century Ursuline Convent set for redevelopment

CORK’S 19th century Ursuline Convent is going to be a trophy buy — for whoever gets to buy and finish it out — with a ready market afterward for both sales and rentals.

Interest is expected from a cross-section of investors, who are guaranteed especially strong rents given Blackrock village’s cachet, and the building’s proximity to the city centre and to Mahon’s thousands of new IT jobs.

Investor interest will be primarily local and familiar with the market, and may include Chinese buyers, individuals and groups/funds, with options both to add further value, or take a strong income stream.

In addition to investor/rental inquiries, there’ll be especially keen interest from would-be buyers, many who’ll be traders-down and who have been scouring the southern and eastern suburbs for easy-keep homes, bungalows and apartments. There’ll be little as smart as these ex-convent apartments — if they come individually for sale.

Location, and the quality of work done so far to an almost fully completed state of conservation and its conversion thus far to 27 apartments, will guarantee interest now in acquisition, via Lisney who are selling for a finance group who had bought it out of a portfolio loan sale. Price guide is €3,750,000, and it’s offered via a best bids process, by April 16.

Set right in suburban Blackrock village and near the Marina, it’s one of Munster’s most market-friendly adaptations of old institutional buildings, offered on 1.6 acres.

The former convent and land was sold by the Ursuline Order in the early 2000s, for €13million, and was sold on again after planning was granted for hundreds of new builds in what’s now the Eden scheme, done by Pierce Construction, while Cobh-based Firestone Developments took on the convent conversion separately.

Firestone brought it to a very high standard, overseen by O’Mahony Pike architects, but the 27 apartments will need final finishes, as well as kitchens, flooring, and commissioning of services.

It has 27 apartments, with eight 600 sq ft one-beds, has 14 two-beds and five three-bed penthouses of up to 2,600 sq ft, many in classically proportioned rooms with high ceilings, restored sash windows, cast iron radiators and fireplaces.

The classical, 15-bay building is offered on 1.5 acres, with adjoining chapel, and the 27 apartments have 33,000 sq ft of residential accommodation, plus there’s also a chapel, offices, commanding entry hall and common areas added, making for a c 40,000 sq ft total area. The building has a portion dating to 1720 as a Quaker house, and was extended significantly in a classical, French style by the 1770s-founded Ursuline Order when they moved to Blackrock in 1825.

Lisney Cork’s residential manager Trish Stokes says it needs very little to get ready for occupation and states the quality is immense and impressive on viewing.

“The residential market in Cork has performed very strongly over the last 12 months, and in particular the rental market, with growth in rents increasing by eight per cent alone to year end 2014,” she notes.

“The Ursuline, in view of its location, setting and quality of product will achieve rents at the higher end of the rental market, with letting demand for the completed units likely to achieve premium rents given the uniqueness of the product,” Ms Stokes predicts, adding that “strong demand will also exist for individual sales, where purchasers are likely to be trading down from one-off houses to an environment of limited maintenance, without compromising on quality and uniqueness.”

Details: Lisney, 021-4275079

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