The student letting market is being targeted in the c €10m sale of 78 riverside apartments, totalling 145 bed spaces in Cork city.
Put up for sale is the Corbett-family developed Leeside Apartments, on Bachelors Quay near the Gate Cinema, North Gate Bridge, and MUH hospital campus, and is expected to attract the attention of multi-let investors, given the escalation in rents nationally, and in Cork where they rose 18% last year.
Current income at Leeside House (managed by Ziggurat) is €800,000, an initial yield of 7.63%, forecast to rise to close to €970,000 pa if fully let, and refurbishment.
Built in five linked blocks, it’s a mix of 35 private rentals, and 43 student accommodation units with some summer lets, and spans one, two, three and some four-bed units.
The 1990s-built complex, facing the North Mall, is near where UCC is restoring a key historic building facing the old distillery complex, to be known as ‘Boole House’ to honour mathemetician George Boole, and includes 32 private car-parking spaces. UCC also controls the Tyndall Institute nearby.
The potential for use of Leeside Apartments as student accommodation is attractive, it’s claimed, and recent deals include at the Western Road, to Ziggurat for over €3m for 205 student bed spaces, as well as Victoria Cross, where UCC bought the former Crows Nest, for €2.5m for a five-storey development.
Other Corbett family assets are expected to come to market in coming months, including buildings at Copley Street, Cork.
Details: CBRE 01-6185500, Cushman & Wakefield 021-4275454
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