A residential investment currently earning €378,000 a year in rent, from 24 modern housing units, is up for sale, less than a kilometre from Cork city centre.
New to market are two dozen substantial-sized, three storey houses completed in 2006 as part of a larger, c 72 unit at Ardpatrick, between Pope’s Road and Assumption Road, above the Watercourse Road in Blackpool.
Ardpatrick was one of a number of substantial residential schemes developed around the Watercourse Road/Lady’s Well area of Cork city centre in the 2000s, during an era of inner city renewal.
Also delivered around the same period were several apartment schemes meeting growing rental demand, including Frinailla’s City Square, and the recently-deceased (see appreciation this page) Joe Carey’s several red-brick blocks Seana Mhuileann and Granary Court, S23 apartment developments.
By contrast, Blackline Properties’ relatively low-density scheme delivered new houses to the market, in a development designed by Jack Coughlan Associates, and it was done in two sections and to varied designs, each in cul-de-sacs to avoid through traffic, on Assumption Road and Pope’s Road.
The Ardpatrick houses were marketed at the time by F&V Sheahan and RE/MAX and the majority sold to private buyers and investors.
Estate agents Jackie Cohalan and Maurice Cohalan of Cohalan Downing are selling the 24 houses at Ardpatrick in one one lot, pitching them to residential investors capable of managing this number and scale of units.
The 24 are a mix of ten 1,550 sq ft four-bed detached houses, ten c 1,200 sq ft three-bed terraced houses and four 1,350 sq ft four-bed semi detacheds.
They’re well built, say the agents and rarely are vacant and currently produce an annual rental income of €378,000, say Cohalan Downing, stressing they are offered in one lot only, with tenants unaffected by the sale process, and guiding in excess of €3.5 million.
Location is about a half mile from the city centre and Opera House/Half Moon Street development, home to offices for Apple, while Blackpool in the other direction is also now a major office employment hub, home to the likes of Blizzard, as well as a shopping centre, retail park, multi-screen cinema and other services.
DETAILS: Cohalan Downing, 021-4277717
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