Park your cash in Cork's car parking crush - each space worth €29k
Up on the roof: Lisney Cork are selling a car parking investment on Cork's Union Quay: 25 spaces up on the roof/floor 4A are guiding €725,000, or c €29,000 per space, with €52,388 pa in income from lettings/lease agreements.
WHAT will €750,000 get motorists today? A fleet of 25 average value family cars, spanning makes such as the Nissan Leaf, Skoda Octavia, Mazda 3, Kia Sportage or compact Audi A1s?
Or, the same sort of sum - €725,000 - give or take - will buy you just the spaces to park 25 cars of any size or shape, on a portion of the fifth floor of Cork city centre multi-storey car-park, at Union Quay.
Sure an appreciating asset, it comes at a time when street-level car-parking spaces are being squeezed in the city centre to pave the way for pedestrianised streets, or cycle lanes.
Up for sale with estate agents Lisney is a portion of the top, open-air floor 4A of a privately operated multi-storey car park on Union Quay.
It was built over 20 years ago as a tax-incentivised development by Howard Holdings, who also built car parks at Grand Parade and at Wandesford Quay.
Here at Union Quay, the 25 spaces are let, and give an annual income of €52,388, or just over €2,000 pa (€40pw) to the investment's owners. The spaces are let at rates from €1,800 to €2,500 a year, with new lettings at the upper end, c €2,500 a year.
The offer follows the sale of 75 other spaces on the top floor about four years ago, which fetched c €1.6 million. Only 20 of the 75 were let, with 55 available: at that time, the selling agents (Savills) said that investment had income of €33,000 pa from the 20 spaces, but that a higher return of €100,000 was possible once new leases were agreed.
The multi-level Union Quay Car Park is in several or multiple ownerships, and is the city’s largest privately owned car park letting spaces, operated by Union Quay Car Park Management, with 24-hour access and is now close to full occupancy.
Agents David McCarthy and Johnny McKenna of Lisney say Union Quay is a popular car park giving easy access to the South City link road, and main business thoroughfares and users include a number of businesses on the South Mall, as well as the Imperial Hotel.
A new hotel is currently under construction across the river, on the old Moores Hotel site, whilst City Council plans are in train to upgrade the River Lee frontage along Morrisons Quay/Morrisons Island and to remove existing car parking spaces: this follows removal of a number of parking spaces on the South Mall last year to expand cycle lanes, while street between the South Mall and Oliver Plunkett street have stepped up pedestrian use only post-Covid 19, removing other car spaces.
The property offer comprises 25 car parking spaces on floor 4A of the brick-faced purpose built multi-storey carpark, at the corner of Copley Street and Union Quay with vehicle access from Copley Street, and pedestrian access from Union Quay, with both lift and stairs to the upper floors.
UCC plans a new Business School/downtown campus, for up to 4,000 students, on the former Brooks site facing the Union Quay Car Park across Copley Street, and also very close are the MTU School of Music on Union Quay, and the District Court by City Hall on Anglesea Street. Cork College of Commerce is directly across the Lee’s south channel too, via the Nano Nagle pedestrian bridge.
Being sold for private investors, these 25 spaces are fully let “to a number of different occupiers under both licence agreements and leases,” says Mr McCarthy.
Guiding €725,000, the asset currently returns a total gross income of €52,388 pa, exclusive. “This is an excellent opportunity to acquire a compact easily managed investment with secure rental income with the potential to increase the existing income further through asset management,” he adds….at a time when average new car prices now have tipped over the €30,000 mark, the average price of an elevated parking spot in Cork city.
Details: Lisney 021-427507
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