A broad portfolio in Cork and Waterford of land, houses, sites and other investments associated with developer Dan Mulvihill of Rossdale Enterprises has been put to market, expected to fetch €10-15 million, making it one of the region’s largest non-retail portfolios to be off-loaded.
Dubbed the Southern Collection, its key attraction is an existing rent-roll of €550,000 pa, and the chance to add significant extra value through a more significant pipeline of development opportunities, to last up to a decade, suiting an investor or developer keen for a broad Munster mix and foothold.
The assets and sites are predominantly in Cork locations, primarily east of the city including Dunkathel, Fota, Glounthaune, Carrigtwohill and Midleton, as well as at Ferrybank on the Waterford/Kilkenny border.
There’s also some Kerry land, and a Dublin 2 apartment.
There’s an income stream from the completed investments and assets of €550,000, primarily from residential assets, and the mix includes houses and apartments completed and let out, houses close to completion, house bases, six commercial units and almost 100 acres of development land, in three counties, on sites amassed by the 1999-founded Rossdale Enterprises, headed up by former local authority engineer Dan Mulvihill.
His highest profile and most upmarket scheme was around the period house Woodville, in Dunkathel/Glanmire, just over the hill from Dunkathel House which is also set for future development.
This sale portion includes an original dwelling (pic, above), 17 completed and two near-completed houses, and eight acres of undeveloped Woodville land.
The collection includes over 95 acres of development land (with 37 of those acres south-facing, just north-east of Glounthaune,) 65 completed and substantially completed houses and apartments, eight partially completed houses, 41 house bases and six commercial units.
Selling agents Peter O’Flynn and Eoin Ryan of DTZ Sherry FitzGerald describe the market offer, via private treaty, as “a significant mixed collection of development, residential and investment assets, well located, predominantly close to the south coast.”
The broad mix is being offered in one or more lots, and if acquired by one buyer it is likely several assets may then be re-sold to suit the geographic expertise of local builders.
Some 90% of the present income is coming from the residential element and “it provides numerous opportunities to add value by securing new planning permissions, and to optimise rental income, as units are relet and rents are reviewed,” say DTZ.
The more significant land asset is probably the 37 acres of development land in Glounthaune which, going on recent land sales of c €100k an acre in Glanmire, could have a value of €2-3m.
In Cluain Cairn, Carrigtwohill, there are 11 houses, one substantially completed house, 10 bases and land.
In Waterford city/Kilkenny at Ferrybank there are 45 acres of as-yet undeveloped land, six finished houses, five substantially completed houses, a further eight partially completed, and 17 bases.
In Lismore, Co Waterford, there’s a small offer of two completed houses, 14 (covered) bases and some land at the Mills.
Back in Cork, the Southern Collection also includes eight student apartments in the city centre, a development site off the Rochestown Road, a commercial unit in Blackpool, an infill waterfronting development site on Bailick Road, Midleton, and four adjoining office units at Fota Business Park on the western approaches to Carrigtwohill plus some development land in Carrigtwohill.
Smaller/single lots include an apartment, an own door office and a house in Cork city, and a two-bed apartment at Trinity Plaza on Tara Street, Dublin 2, plus two small holdings in counties Waterford and Kerry.
DTZ’s Cork MD Peter O’Flynn and Eoin Ryan expect interest in lots and as an entire, saying the Southern Collection “offers a strong pipeline of development opportunities while also benefitting from quality rental income across a number of sectors.”
Details: DTZ 021-4275454
© Irish Examiner Ltd. All rights reserved