Concrete ‘block buying’ in Cork

Two waterfront apartment blocks in Cork’s suburban Rochestown, totalling 50 units, are up for sale in one lot, with a guide price of €6.75 million, or an average of €135,000 each. They come to market at time of proven and competitive demand for multi-let investments.

The blocks, called the Neptune and the Schooner, are in the Hartys Quay development which is now about a decade old, and were developed by McCarthy Developments on a former boat quay and yard in Rochestown, near Douglas. They are all let, with a current rent roll of €520,000: two show units aren’t let, so this would bring income to €540,000, and based on Cork’s current rental market and rent inflation, this could rise further to €570,000, suggests surveyor Eoin Ryan of DTZ Sherry FitzGerald.

Designed by Project Architects, the contemporary-styled development is laid out in nine five-storey blocks with mono-pitch roofs, over basement/lower ground parking, in an estuarine setting.