Student beds investment for income? Or a city shop building? Take your pick from Cork duo

Nine bed student building with €430k guide earns €48k in rent a year, while Kellehers traditional newsagency at 55 North Main Street seeks new owners with guide of €450k

No 1 Convent View Mardyke Street Cork

MORE than the view has changed at 1 Convent View, on Cork city's Mardyke Street - the c 100-yer old nine-bed fully let investment property is surrounded by many hundreds of new, purpose-built student accommodation beds in new developments.

The three-storey/nine bed and two bathroom  building No 1 is now for sale, priced at €430,000 and should be of interest to a wide range of investors, and those looking for pension income.

Primarily pitched at students, No 1 is fully let and produces €48,000 a year, and thus shows a likely return (net initial yield) at the guide of 10.8%.

The income includes summer lettings, say agents Amanda Isherwood and Rob Coughlan, and equates to €5,300 a year per room income, or just over €100 per week on average.

200 student beds at Bróga House, Washington Street, Cork. Picture Dan Linehan

That  contrasts with the  price range in purpose-build developments like the new 200-bed

Bróga

 House on Washington Street/Western Road, typically €254 per week, or the 190-bed Amnis House on the old Muskerry filling station site across the road by the River Lee Hotel, with rooms there averaging €236 per week. 

Student accommodation (190 beds) at Amnis House, Western Road, Cork.

UCC nearby operates its own student accommodation units, with priced outlined for this year of c €5,670 for first years over an academic term of 35 weeks, and €5,994 for other students over a 37 week academic year (c €160 per week).

Cohalan Downing describe No 1 Convent View as "substantial," noting a location 950 metres west of St Patrick Street, and is also close to the Mercy University Hospital and Tyndall Institute.

It has three ground floor bedrooms with kitchen/living room and WC/shower room. There's separate access to the two upper floors with a further kitchen/ling, six bedrooms, and a second WC/shower room.

The selling agents say the corner property, alongside the old PBC school building, was extensively refurbished a decade ago, and has a small yard to the rear.

55 North Main Street (second from right) has a €450,000 AMV with overhead tenants

Meanwhile, the same agency is handing the sale of 55 North Main Street, a mixed occupier building profile building   dating to the 1880s.

No 55 has had owners Ann and Aidan  Kelleher trading in their very popular shop and newsagency on the street since 1989, after moving in to the city from a shop in Ballincollig they had since 1975, says agent Amanda Isherwood.

The are now retiring from the trade, hence the sale of the 2,700 sq ft brick-faced building, which is a protected structure.

Tenants overhead include the  Co-Operative Butchers Society, Noonan Linehan Carroll Coffey Solicitors, Independent Workers Union and Vision Community Support Services, with a combined income from the upper floors for €25,596 pa.

No 55 will be available with vacant possession at the ground level, and with tenants in situ above.

Details: Cohalan Downing 021-4277717