APARTMENTS built by Howard Holdings are being offered for sale for receivers KPMG, in two lots, in Cork City centre, and in outer suburban Rochestown.
Most interest is likely to come in ten units out of the 32 developed City Hall, at Copley Hall. All are rented, there’s over €100,000 in income, and the ten have an alluring guide price of €900,000 quoted by Catherine McAuliffe of Savills. Considerable investor interest is expected, with buyers able to take advantage of a CGT exemption if bought during 2014, and held for at least seven years. Capital value appreciation is virtually certain given the value offered — but bidding is likely to drive the price beyond the €900,000 guide.
(Savills currently have a bid of €1.6m on 11 residential units at Cork’s Vicars Road, Togher, with an income of €120,000 pa. Called Sonas, it had a guide of €1.2m when launched in April.)
Seven of the apartments in the five-storey Copley Street building behind an office block (once Anglo’s Cork HQ) are two-beds, and three are one-beds. The lot offer includes eight car parking spaces, and the ground floor commercial level is now occupied by the driving licence centre.
Nearby are Cork City Council’s offices, Anglesea Street garda station/HQ, Cork’s fire stations, district court and Elysian tower.
The high standard apartments, designed by Scott Tallon Walker, are mostly at the upper level, have oak floors, granite worktops in good kitchens and well-finished bathrooms. Two-beds there currently rent for €900 pm, and the tenanted units are being sold as an investment promising a yield of 11.8%.
Also being sold by Savills are seven 2002-built Howard Holdings apartments at Estuary Court, Rochestown, on the former Havisham House hotel site. Averaging 800 sq ft, the units rent at €825 pm, with total income of €69,000 pa, with service charges each of €1,900 pa. Yield at the €700,000 guide is 9.9%.
* Details: Savills 021-4271371
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