One of the closest, purpose-built student accommodation blocks to Cork Institute of Technology in the western suburbs has been put up for sale, guiding at €1.2 million.
Made up of eight apartments, spanning 36 student beds, plus a barber shop, the detached two-storey building is on a corner junction by the CIT campus on Rossa Avenue, which has over 12,000 students and close to 1,500 staff. It is offered via agent Edward Hanafin of Lisney.
The mix includes six five-bed apartments, each of c 1,000 sq ft, plus two three-beds of c 900 sq ft, all on a site of 0.37 acre with some parking.
The vacant commercial unit (a former barber shop) has a granny flat, and measures 620 sq ft.
The apartments are fully let, with growing student accommodation demand, and there’s a projected rental income of c €104,000 for the current year, with scope for increase from letting the commercial unit and from the continued rise in rents.
At the guide of €1.2m, it equates to €33,000 per bed space.
There’s a number of large-scale student accommodation blocks serving CIT such as Parchment Square and Eden Hall, plus Victoria Cross and more to come on the Carrigrohane Road, so this is distinctive because of its smaller, 36-bed scale.
According to Mr Hanafin, the situation is prime, and the lot size at €1.2m is within the reach of a number of investors who’ll be attracted by a rental income of well over €100,000 pa, in an easily managed block adjacent to the CIT campus.
© Irish Examiner Ltd. All rights reserved