Residential development perfectly poised between gourmet capital Kinsale and Cork

A part-completed residential development between Cork Airport and Business Park and Kinsale, in Riverstick village with nine townhouses and one apartment is being offered for receiver Ken Fennell of Deloitte, at €650,000.

Mostly in shell and core condition and with an appeal to builders primarily, the 10 units in a two and three-storey development called Riverside Walk are in a scheme of 15 units in all, with prominence to the R600, half way between the city and Kinsale, close to the mixed-use Riverside Grove development, take away, and a busy Topaz station and shop.

Three of the 10 offered are completed and rented out, currently earning €29,400 per annum.

Five of the townhouses offered are 990 sq ft three-beds, and four are three-storey and four-bedroomed, with 1,450 sq ft each. The sole apartment is a 900 sq ft two-bed.

According to agent David McCarthy of Lisney, the units in the three-storey roadside development are at various stages of construction, and all are finished externally and weather proofed.

The overall, wedge-shaped site is 0.75 of an acre, with off-street parking to the rear and planning was granted in 2009 for 15 units in all, subject to 36 conditions.

The three completed units of the 10 offered for sale will give an immediate rental income to a new owner, and are held on yearly tenancies, earning just shy of €30k per annum.

Development levies of €45,000 will have to be paid by the purchaser, who will also have to negotiate a Part V agreement with Cork County Council.

Given the location and demand for rental property, early interest has already been shown from investors and builders, and “given recent sales of townhouses in the area in the region of €150,000/ €200,000 this provides a good opportunity for a decent return on completion, or rental income” said Mr McCarthy.

Details: Lisney 021 427 5079.