The sale of a compact, upmarket apartment development in Cork city’s Sunday’s Well (variously let to Apple employees, medics and academics) will be closely watched: it may well lay down a marker for values for the future residential redevelopment of the nearby, burned-out Good Shepherd Convent and its grounds, which is now ‘sale agreed’.
New to market this week is Riversdale, a niche scheme of ten, high-end apartments, in a period building comprising two former, semi-detached large houses, converted by a private owner in 2008/2009.
Riversdale, occupying nos 39 to 42, Sunday’s Well Road, has an income of €151,000, is fully let and for sale in one lot.
It is priced at €2.5m, quoted by joint agents, Jeremy Murphy & Associates, and Savills, who say that it might be under-rented value, given the escalation in the past year of Cork City rents, which are up by 18% in a year.
An ERV of €160,000 is suggested, and the ten, well-finished, quality units are on individual, 12-month leases. Rents average €1,100 pm for one-beds, and €1,350 pm for two-beds.
In terms of rental attractions, Riversdale scores highly on several fronts: it’s a kilometre or less from the city centre, it’s in a commanding position, facing south over the River Lee to Fitzgerald’s Park, it has private gardens to the south, and, almost uniquely in Sunday’s Well, it has excellent parking, for 11 cars.
Thanks to a set-back from the busy Sunday’s Well Road, there’s reserved, off-street parking for two cars in a garage, and nine other spaces are controlled by electric ‘rise and fall’ bollards.
The building is marked out on its southern end by a distinctive, lead-encased main entrance porch and tall, hardwood door, and all windows are replacement, hardwood, Georgian-style sash.
Even though it’s a protected structure, each unit has a BER rating: for a 19th century building, it scores well, ranging from C2 to B3, and each apartment has individual gas heating and metres.
The ten units, three one-beds and seven two-beds, are on four floors with three access cores, and ground-floor units have terrace access.
Most are dual-aspect, and views are over gardens to the river, and to the Diarmuid Gavin-designed, grass-roofed ‘sky garden’ pod in Fitzgerald’s park on the Mardyke.
Internal finishes include solid Junkers maple flooring, gloss kitchens with white-stone worktops, power showers in bathrooms, and double-glazing.
Catherine McAuliffe, of Savills, says the sale is of a “unique, multi-family investment property, in a prime residential location, within easy walking distance of Cork City, via the North Mall, as well as having proximity to Apple, in Hollyhill, UCC, and hospitals such as the Mercy, Bon Secours and CUH.”
It’s also close to Cumnor Construction’s contemporary, Altus apartment scheme, on Wyse’s Hill, while the recent ‘sale agreed’ of the Good Shepherd complex, in Sunday’s Well, may bring further upmarket apartments and housing to the market.
The Good Shepherd site, with a lapsed planning for 260 units when owned by Frinailla, was offered in May as part of the €30m ‘Project Treasure’ portfolio for Cairns Homes, via Savills, at €1.5m. The main, listed convent building has been damaged by fire.
The buyer’s identity has not been disclosed, understood to be from out of Cork. It’s the first of the Project Treasure lots to go sale-agreed, and private apartments rather than student accommodation are likely, it’s understood.
Joint agent, Jeremy Murphy, says “in this prime, sought-after location, rental property is difficult to acquire, and there’s even less of Riversdale’s quality, with terrace, garden and parking.”
Details: Jeremy Murphy & Associates, 021-4270020; Savills 021-4271371
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