Investors eye €4.6m bulk apartment sale in historic Shandon Quarter

The guide price equates to an average of €255,000 per two-bed apartment

18 apartments are on the market for €4.6m at Knapps Square, in the heart of Cork city. Tenants are unaffected by the sale. 

INVESTORS seeking to strengthen their property portfolios are among those showing interest in a €4.6m multi-apartment sale in a prime Cork City location.

The 18 apartments, at Knapps Square on Mulgrave Road, across the bridge from Cork Opera House, are fully occupied and generate a gross annual rental income of €291,168.

Existing tenants are not affected by the sale.

All of the apartments, owned by a local investor, are in the same block, and include 17 two-bed units and a single one-bed, with sizes varying from 592sq ft (54sq m) to 733sq ft (68sq m).

Given the viability threshold of high-density apartment schemes in the city centre, the sale offers prospective investors a turnkey opportunity, with an immediate rent-roll and cash flow, at a value that remains well below construction and reinstatement cost.

The €4.6m price equates to an average of €255,000 per unit. The Property Price Register shows good growth in Knapps Square sale prices this year, with one two-bed selling for €288,000. Prior to 2025, the highest price paid for a unit in the 20-year-old scheme was €225,000.

Amanda Isherwood and David McCarthy, of Sherry FitzGerald Commercial, said they expected “strong interest, given the exceptionally robust fundamentals of the Cork rental market, with strong population and employment growth, minimal vacancy, and an acute supply”.

“The property is an attractive lot size and the combination of stable income, reversionary rental potential, and a prime Cork City centre location makes Knapps Square a superb residential investment opportunity,” the agents added.

They’ve already put “high-level details” to investors, who have expressed an interest, mainly those looking to expand existing portfolios.

“We also expect enquiries from a number of new investor entrants, following the favourable proposed amendments to the Irish rent regulations, which will enable stronger rental growth and overall returns,” the agents said. (From March 1, 2026, rent reset to market levels will be permitted when a tenancy ends.)

The arrival of the
Knapps Square scheme to market comes at a time when the Government has announced measures aimed at rebooting apartment building, which developers had argued was no longer commercially viable.

Under Budget 2026, the Vat rate on the sale of completed apartments has been cut from 13.5% to 9%. Earlier in the year, the Government relaxed the rules around building apartments, including lifting restrictions on the number of one-bed apartments in any development, as well as adjusting minimum-size restrictions.

The changes are against a background of a 24% drop in apartment completions last year. The fully managed apartments on sale at Knapps Square are laid out over first to fifth floors in a seven-storey block (Block C) to the north-east of the development, accessed through a secure, gated entrance. Some have recently undergone redecoration, and energy efficiency ratings range from C3 to B3.

Each apartment has a private balcony and fitted kitchen. Intercom systems link to the main door and a lift serves all floors.

The 93-unit scheme is in mixed ownership and includes both owner-occupiers and investors.

Built in 2005 by Cumnor Construction on behalf of Carrolls Quay Development and designed by Boyd Barrett Murphy O’Connor Architects, the blocks overlook a central pedestrian courtyard, with a secure refuse store and bike store.

Most likely named in honour of a former lord mayor of Cork, Edmond (or Edmund) Knapp, the scheme is in the city’s historical Shandon quarter, which is famous for its Shandon Bells. 

Cork city's historic Shandon Quarter Picture: Larry Cummins

It is in the vicinity of several Cork City cultural landmarks, including Cork Opera House, Crawford Art Gallery — currently closed for redevelopment — and the English Market.

It’s also close to resurgent MacCurtain St and is within walking distance of the city’s main bus terminus, as well as Kent railway station and TFI bike stations

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