Embed Size (px)
Citation preview
A P A R T M E N T SCORK
LEESIDE
FOR SALE BY PRIVATE TREATY / TENANTS NOT AFFECTED
www.leesidecork.com
PRIME STUDENT & MULTIFAMILY RESIDENTIAL INVESTMENT OPPORTUNITY
THE OPPORTUNITY AT A GLANCE
• Prime student & multifamily residential investment opportunity
• 78 apartments (175 bed spaces) and a private car park providing 32 spaces
• Broad mix of unit types comprising one, two, three and four bedroom apartments
• Currently projected to generate approximately €811,500 for 2016/2017
• Cork City has seen large y-o-y residential rent increases
• Potential to reposition through active asset management and increase income
• Suitable for both student and multi-family accommodation uses
• Excellent city centre location – close to a range of employers, educational institutions and amenities
EXCEPTIONAL POTENTIAL FOR STRONG RENTAL GROWTH
A P A R T M E N T SCORK
LEESIDE
A P A R T M E N T SCORK
LEESIDEECONOMIC & MARKET BACKDROP
Cork City and surrounds has in excess of 300,000 persons and preliminary Census 2016 results show a 5.4% increase in the population of Cork City.(Source: Cushman and Wakefield & Census 2016)
Cork housing completions were 1,432 units in 2015 and 618 units between January and May 2016, well below estimated demand of 2,500 units per year. (Source: Dept. of Housing and CIF)
38% of Cork City & Suburbs population reside in rented accommodation. (Source: Census 2011)
Availability of rental accommodation within Munster is at its lowest level since 2006. (Source: Daft.ie)
Cork’s key employers: Apple, Johnson Controls, Amazon, Dell, Intel, VMware, Pfizer, GlaxoSmithKline, Eli Lily, EMC2 and Gilead.
Cork City average private residential rents are €1,051 per month.(Source: Daft.ie)
PRIVATE RESIDENTIAL
Cork’s education institutions: University College Cork and Cork Institute of Technology.
2014/2015 enrollments for UCC and CIT were 23,868.(Source: HEA)
Student residence: 35% Private Landlord’s, 31% Parents’ House, 11% Student Residence.(Source: HEA)
The Leeside Apartments average monthly rent is €682 which is 35% below the Cork City average.
Cork City average weekly student accommodation rates are in the region of €115 with the highest rates being achieved in the region of €150 per week.
The Leeside Student Apartments average weekly rent is €98 which is 15% below the Cork City average.
STUDENT ACCOMMODATION
(Source: CBRE Research)
LOCATION
Located in the south west of Ireland, Cork is Ireland’s second largest city with excellent connectivity to the rest of the country and abroad through the national road network, rail, air and sea connections.
Cork is a vibrant city with a strong high street and thriving city centre, numerous shopping centres and
malls, bars, restaurants and other leisure and cultural facilities. The City is also host to a number of high profile annual festivals, sporting events and concerts.
Cork has enticed a wide range of prominent multi-national companies to locate there such as Apple, Amazon, Pfizer, GSK, Eli Lily, EMC2,
A P A R T M E N T SCORK
LEESIDE
CORK IS A VIBRANT CITY WITH A STRONG HIGH STREET AND THRIVING CITY CENTRE
Dell, VMware, Gilead, Johnson Controls and Intel, who have been attracted to the area by its young and highly skilled workforce. It is also home to over 25,000 students who are enrolled in a number of third level and higher education institutions, the largest being University College Cork (UCC) and Cork Institute of Technology (CIT).
Cork City Centre is divided in three by the River Lee which has created a central island which forms the City
Centre with the north and south of the city sitting either side. The Leeside Apartments, situated on Bachelor’s Quay are located within the central island overlooking the north channel of the River Lee. The apartments are strategically and conveniently located a short walk from the main retail thoroughfare of Patrick Street and are immediately adjacent to Mercy University Hospital and University College Cork at the Lee Maltings Complex which includes the Tyndall National Institute.
1. UNIVERSITY COLLEGE CORK - DISTILLERY COMPLEX
2. MERCY UNIVERSITY HOSPITAL
3. TYNDALL INSTITUTE
4. UNIVERSITY COLLEGE CORK - ‘MAIN GATE’ (10 MINUTE WALK FROM LEESIDE)
5. APPLE
6. CORK OPERA HOUSE
7. CRAWFORD ART GALLERY
8. ENGLISH MARKET
9. PROPOSED CONVENTION CENTRE
10. CITY HALL
11. ONE ALBERT QUAY
12. CENTRAL BUS STATION
13. KENT TRAIN STATION
1 2
3
9
8
12
5 67
1011
13
4
A P A R T M E N T SCORK
LEESIDE
A P A R T M E N T SCORK
LEESIDE
THE ASSET
The Leeside apartments at Bachelors Quay comprise a modern six storey apartment development of 78 units. It provides a mix of accommodation in five adjoining blocks, surrounding a large multi-storey car park. The asset is a centrally located, high profile, multi-family investment, which due to its configuration and location is also ideally suited to the student accommodation market.
The development was completed in the early 2000s and comprises the majority of the block bounded by Bachelors Quay to the north, Grattan Street to the east, Devonshire Street to the west and Francis Street to the south, with the exception of a three storey building on the corner of Grattan Street and Francis Street.
The property overlooks the River Lee to the north. 32 car parking spaces are provided in the multi-storey car park which is accessed from Devonshire Street. Each
of the five blocks are accessed independently via secure entrance lobbies, with lifts servicing all floors in the Bachelors Quay and Grattan Street blocks.
The complex is mainly of framed construction under a pitched slate roof. The exterior of the Bachelors Quay and Grattan Street blocks have rendered and painted facades, while the Devonshire Street and Francis Street blocks have a mix of stone, rendered and painted facades. Each block also includes double glazed PVC windows.
The accommodation is provided fully furnished and each unit includes an open plan kitchen, dining and living area and store/hot press. A fully fitted kitchen is provided including all modern conveniences. All apartments are fitted with electric storage heating and an electric immersion. Each apartment is metered separately.
THE ASSET IS A CENTRALLY LOCATED, HIGH PROFILE, STUDENT AND MULTIFAMILY ACCOMMODATION INVESTMENT
A P A R T M E N T SCORK
LEESIDE
ACCOMMODATION
The configuration of the various blocks at Leeside is as follows:
APARTMENTS 1 BED 2 BED 3 BED 4 BED TOTAL
Block A 1 23 - - 24 Bachelors Quay
Block B 13 16 1 8 38 Grattan Hall
Block C 6 - - - 6 Devonshire Street
Block D1 - 6 - - 6 Francis Street
Block D2 4 - - - 4 Francis Street
Total 24 45 1 8 78
Tenants not affected.
The units are generally let on standard residential letting agreements and standard student letting agreements. A number of units have been retained vacant to facilitate viewings.
Otherwise all units are currently occupied.
TENANTS
A P A R T M E N T SCORK
LEESIDE
FLOOR PLANS
7
1 2
2
1
3
21543
2
1 1A
9
5 6
6
5
12
11
10
9
8
19
181716
14
15
12 13
ground floor TYPICAL floor9
5 6
6
5
12
11
10
9
8
19
181716
14
15
12 13
These floor plans are not to scale and are provided for indicative purposes only.
A P A R T M E N T SCORK
LEESIDE
10 8
97
6
5
4
3
2
1
11
1. BACHELORS QUAY
2. UCC – DISTILLERY COMPLEX
3. MERCY UNIVERSITY HOSPITAL
4. UCC MAIN GATE (10 MINUTE WALK)
5. COURT HOUSE
6. ENGLISH MARKET
7. PATRICK STREET
8. APPLE
9. OPERA LANE
10. CORK OPERA HOUSE
11. THE GATE CINEMA
12. CORK BIKE STATIONS
A P A R T M E N T SCORK
LEESIDE
RIVERLEE
GRATTAN STREET
WASHINGTON STREET
NORTH MAIN
STREET
INCOME
The scheme is currently projected to generate approximately €811,500 for 2016/2017.
A detailed breakdown of the income and running costs are available in the data room.
TITLE
We understand that the property is held freehold. Further infor-mation in respect of the title held is available on the data room.
GUIDE PRICE
On application.
VAT
Further information avail-able on request and is also available on the data room.
METHOD OF SALE
For Sale by Private Treaty.
FURTHER INFORMATION
Further information on the property is available from a dedicated data room – www.leesidecork.com
BER CERTIFICATES
Each unit has a Building Energy Rating (BER) between C1 and F. The Energy Performance Indicator ranges from 158.88 kWh/m2/yr to 402.88 kWh/m2/yr.
Full BER details including BER numbers, certificates and advisory reports are available on request from the joint agents and are also available on the data room.
A P A R T M E N T SCORK
LEESIDE
DISCLAIMER: These particulars are issued by CBRE Ireland and Cushman and Wakefield on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE Ireland and Cushman and Wakefield for themselves and for the vendor/lessor whose agents they are, give notice that:- (i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness. (iii) Neither CBRE Ireland, nor Cushman and Wakefield nor any of their employees have any authority to make any or give any representation or warranty in relation to the property.
CONTACT DETAILS
WILLIE NORSE T: +353 1 618 5529E: [email protected]
EMMA COURTNEY T: +353 1 618 5760E: [email protected]
SANDRA WALSH T: +353 1 618 5578E: [email protected]
PETER O’FLYNN T: +353 21 464 8502E: [email protected] EOIN RYAN T: +353 21 464 8509E: [email protected] SINEAD RYAN T: +353 21 493 7413E: [email protected]
SOLICITOR Maples & Calder Andrew Nagle: T: +353 1 619 2701 E: [email protected]
VIEWINGS Strictly by appointment only with the Joint Agents.
