Property investment activity picks up Leeside

€6m-plus Cork residential  investment offered earning c.€390,000 plus €1.95m office suites with  €152,900 pa income and with a 7.84% yield 

Heron House,  Blackpool, has a floor of occupied offices for sale as an investment at €1.95m via   Barry Auctioneers.

AFTER a long quiet lull in Cork’s investment market, there are signs of spring movement with a €6.25m residential offer of 22 residential units, all fully let in the city’s southside, producing income understood to be around €390,000 pa, and an office investment at €1.95m producing €152,900 pa and a yield of 7.84%.

Offered at Blackpool Cork is a mixed, tenanted office investment at Heron House in Blackpool Retail Park, with 11,200 sq ft (1,040.51 sq m), just off the N20 Cork-Mallow/Limerick road with a range of office occupiers and professional services adjacent.

It’s for sale with Kevin O’Sullivan of Barry Auctioneers with a €1.95m AMV: occupiers include Southern Drug in 4,200 sq ft with lease expiry in 2031, paying €50,400 + Vat pa; Cork City Partnership in 4,000 sq ft at €62,000 + Vat pa, with lease expiry in 2029; and Atlantia Clinical Trials in 3,000 sq ft on a lease to 2027, paying €40,500 + Vat per annum.

Total rent at the C3 energy rated-office suites is just under €153,000 pa + Vat.

Aerial view of Pairc Ui Chaoimh, Cork's GAA stadium and the Ballintemple area

Meanwhile, Cushman & Wakefield is selling Russet Court, comprising seven houses, 15 apartments, and a commercial unit, in three blocks built in the 2000s on Churchyard Lane, behind the Venue Bar and near Páirc Uí Chaoimh, 100m off the main Blackrock Road.

The seven houses are each four-beds, with two en suites, of 1,250 sq ft each, and the apartments range in size from 545 sq ft to 685 sq ft.

The commercial unit is occupied by Cope, and there are two car parking spaces per unit. Details are being privately circulated and sources say the price guide is €6.25m, with income of €390,000 pa.

HENKEL Ireland Operations and Research Ltd. Little Island, Co. Cork.

• Elsewhere, a quiet off-market deal is understood to have been agreed on the former 52,000 sq ft industrial unit on seven acres vacated last year by Henkel at Cork’s Wallingstown, Little Island, near the new link road and JCD Group’s data centre site.

Henkel, which manufactures household items, detergents, and adhesives, employs over 800 in the UK and Ireland and has two other Irish operations, in Tallaght and Ballyfermot.

Henkel’s Little Island operation had been offered with vacant possession via agents Savills with a c €6m guide and is likely to be “sale agreed” close to this sum.