Investors might go wild for Oscars Hostel, on the market for €635k
Oscars Hostel, Lower Glanmire Road
A CITY centre hostel ideally located for visitors arriving by train or bus to Cork is on the market for €635,000.
Oscars Hostel, on the Lower Glanmire Road, within a short walk of Kent Station, is being sold with a tenant in situ, who has a lease on it for the next 14 years.
The annual rent roll is €50,000, according to selling agent Seán McCarthy of ERA Downey McCarthy.
The 236 sq m (2,540 sq m) four-storey end-of-terrace building, at the corner of Lower Glanmire Road and Grattan Hill, underwent comprehensive renovation in 2013, including a new roof, and the refurbishment of the heating system, kitchen and ensuite facilities.
New windows were installed less than a year ago and the front façade was freshly painted in 2022, with new Oscars Hostel signage put on display.
A new gas boiler has also been installed and electric heating is via energy saving Rointe radiators. The energy rating of the property, which dates to 1900, is E1.
Accommodation includes nine bedrooms, of which eight are divided evenly over the first and second floors, ranging in size from 7.5 sq m to 13.19 sq m. The ninth bedroom is at dormer level and measures 15 sq m. All nine bedrooms are ensuite. Additional accommodation includes a utility room at dormer level, a 30 sq m living/dining room on the ground floor, as well as a kitchen, washroom, guest room and office.
The hostel is fully compliant with planning and fire regulations for use as a residential hostel.
The part of the city that the hostel is in is undergoing a resurgence at the moment, with a range of dining and nightlife options at nearby MacCurtain Street.
The hostel is close too to where the Air Coach arrives/departs for Dublin Airport.
Neighbouring properties include a mix of residential, commercial and leisure occupiers.
Mr McCarthy said the property represents "a solid investment opportunity".
Fully fitted and currently trading, the hostel has a swipe card entry system, security cameras, fireproof glass between the kitchen and hallway and some on-street parking.
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