Model Farm Road setting and property mix to drive interest in €1.8m suburban Cork market offer

Rental income and development scope at Cork's Bishopstown House

Bishopstown House, site and office block on offer for €1.8m on Cork's Model Farm Road

A PERIOD building, and an entire office block on a site with further scope, have come to the market in one of Cork city’s most prime addresses, the Model Farm Road, for sale as one lot.

Fresh to the market is Bishopstown House, set opposite the IDA’s Cork Business and Technology Park, close too to the CIT/MTU  campus, Boston Scientific and adjacent to the Fás Training Centre, long-associated with Cork engineering firm JODA, who have relocated to a premises at Ballycurreen, off the south city ring road.

New block on the 1.3 acre site offered by Lisney has 4,600 sq ft

The mix includes a 3,100 sq ft building, a protected structure in excellent order and currently let with an income of €60,000 sq ft, plus a more modern c 20-year old compact, stand-alone 4,600 sq ft two-storey office/professional services building.

Bishopstown House is a well-kept protected structure on the Model Farm Road

The duo are on a site of 1.3 acres, and there’s a now-lapsed planning grant for a second office building of similar size to the existing one, towards the back of the site, which is rectangular in nature and with full mains services.

The entire property, with both current income, further future income and a possible development play is listed with estate agents Margaret Kelleher and David McCarthy of Lisney, with a guide price of €1.8 million: they describe it as “an exciting office investment and development opportunity at the Model Farm Road, Cork.” 

The property was associated with Cork engineering consultancy services, and project management firm JODA for several decades. The 1961-founded firm took 3,600 sq ft at SIAC House, Ballycurreen Cross last year.

JODA’s original building, now carrying the quite prestigious name Bishopstown House, is let to a medical devices company PMD Device Solutions Ltd, on a ten year lease from February 2016 at €60,000 pa, and a Deed of Renunciation has been signed by the tenant.

PMD Device Solutions has developed a CE-rated wearable diagnostic and respiratory rate monitoring device for medical professionals to measure and identify the of patients’ breathing in real-time, used both in hospitals and the home market.

The medical devices company evolved out of the Rubicon Innovation Centre, which is based on the CIT/MTCU campus off nearby Rossa Avenue and which is an incubation home to c 50 fledgling firms in Medtech and other sectors.

The separate 4,600 sq ft more modern building next to PDM-occupied Bishopstown House is available with vacant possession, and the site has good parking.

 Neighbours at the IDA Cork Business & Technology Park include Pilz Ireland, Boston Scientific, Trend Micro, and Abtran and Pilz Ireland.

Pilz extension at the Model Farm Road has won design/build awards

Other occupiers in the vicinity include Munster Technnolgical University (formerly CIT), Fás Training Centre and Model Business Park.

Lisney say the Model Farm Road property, with zoning for residential, local services and institutional service, “will attract interest from both investors and developers.”  

"It's an investment and development opportunity in Cork’s most popular suburban location, with current income of €60,000 pa and with significant reversionary and development potential," says Margaret Kelleher.

Details: Lisney Cork 021-4275079