20
SOUTH DOUGLAS ROAD, CORK PRIME RESIDENTIAL INVESTMENT OPPORTUNITY
S O U T H D O U G L A S R O A D , C O R K
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y
1P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y
I N V E S T M E N T H I G H L I G H T S
Unrivalled location within close proximity to Cork City centre and Douglas Village
62 modern high-quality apartments comprising a mix of one, two and three bed units
53 of the apartments are being sold with full vacant possession
Set in an exclusive gated and fully landscaped environment
Generous apartment sizes with ample secure basement car-parking
Unique opportunity to acquire 100% of the apartments within the scheme
CBRE ARE DELIGHTED TO PRESENT
FOR SALE BY PRIVATE TREATY(TENANTS NOT AFFECTED)
DouglasGolf Club
Mahon Golf Club
Galweys Dundanion Castle
DouglasVillage
MahonpointShopping Centre
Greenvalley
WiltonShopping
Centre
UniversityCollege Cork St Finbarr’s Hospital
CorkAirport
N28
N40
N40
N8N25
N20
N22
N40
N27
N27
M8
Lough Mahon
CORK CITY CENTRE
CORK CITY CENTRE
TO CORK AIRPORT / WEST CORK
P A R K A V E N U E
2
SOUTH LINK ROAD
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y 3
Cork City, with a population of 220,000 people is the Republic of Ireland’s second largest city and is the premier retail, commercial, administrative and educational centre in the south. Cork County is the largest county in Ireland and has a population in excess of 540,000 people. There was a 5.1% increase in population in Cork City and suburbs from 2011-2016. 35% of people in Cork City are aged between 20-39 compared with 28% nationally.
The National Planning Framework Strategy (Project Ireland 2040) has set a target population growth of 130,000 (over 50% increase) for Cork City over the life time of the Plan meaning Cork is set to be the fastest growing Irish City over the coming years.
Park Avenue is situated on South Douglas Road in an unrivalled location within close proximity to the wide range
of amenities which are available in both Cork City Centre (1.5km) and Douglas Village (1.5km).
The surrounding area is predominantly residential in character with mature estate type developments including Kilcoman Lawn, Loreto Park and Heatherton. Dosco Business Park which includes a Cross Fit gymnasium, quality butchers and fresh fish store is also located adjacent. Christ the King Girls Secondary School, Douglas Community College and St. Finbarr’s Hospital are all located along South Douglas Road.
The location offers excellent access to and from the city centre and Douglas Village and is also within close proximity to the South Link road which connects the property to Cork International Airport, Mahon Point shopping centre and West Cork.
LO C AT I O N
P A R K A V E N U E
4
Park Avenue is a modern and exclusive apartment development which was completed in 2009. The apartments are laid out in four blocks comprising a total of 62 high quality one, two and three bed apartments and penthouses. The scheme is accessed through a secure gated entrance and via a private tree-lined avenue.
Park Avenue is set in an attractive fully landscaped environment which has an excellent balance between a series of internal paved courtyards and open grass lawns along the length of the apartments to the rear. Throughout the gardens, there is a high level of ornamental planting of small trees, hedging and flowering shrubs.
The apartments are of a generous size and finished to a high standard of specification. The accommodation consists of 6 standard one bedroom apartments (652 sq ft), 12 large one bedroom apartments (average 836 sq ft) which have additional study/dressing room/playroom, 40 two bedroom apartments (average 855 sq ft) and 4 three bedroom apartments (average 1,132 sq ft).
S P E C I F I C AT I O N I N C L U D E S
¡ Each apartment has large private balconies/garden terraces ¡ Custom designed hi-gloss fully fitted kitchens with Duropal worktops¡ Fully fitted wardrobes in bedrooms¡ En-suite bathroom in master bedrooms¡ Audio/video intercom access throughout the development¡ Secure basement car-parking for 82 cars ¡ Lift access serving all floors in each block
The property also includes a small creche, a cookery cottage and a first floor vacant commercial unit.
D E S C R I P T I O N
x6 Bed x12 Bed x40 Bed x4 Bed1 BED 1XL BED 2 BED 3 BED
652 sq ft 836 sq ft 855 sq ft 1,132 sq ft
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y 5
Cookery Cottage.
Ground: Creche. First Floor: Vacant commercial unit.
P A R K A V E N U E
6
BLOCK 1 U N I T FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
TH
E S
ILVE
RB
IRC
H
1 Ground 1 2 bed 68.8 741
2 Ground 2 2 bed 78.7 847
4 Ground 3 1 bed 60.5 652
3 Ground 4 2 bed 74.6 802
5 1st 5 2 bed 68.0 732
6 1st 6 2 bed 78.7 847
7 1st 7 1 bed 60.5 652
8 1st 8 2 bed 74.6 802
9 2nd 9 2 bed 68.8 741
10 2nd 10 2 bed 78.7 847
12 2nd 11 1 bed 60.5 652
11 2nd 12 2 bed 74.6 802
13 3rd 13 3 bed 103.4 1113
14 3rd 14 2 bed 83.6 900
BLOCK 2 U N I T FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
TH
E W
AL
NU
T
15 Grd 1 2 bed 83.9 903
16 Grd 2 Large 1 bed(with study room) 82.3 886
17 Grd 3 Large 1 bed(with study room) 73.0 786
18 Grd 4 2 bed 80.6 868
19 Grd 5 2 bed 83.1 894
20 1st 6 2 bed 83.9 903
21 1st 7 Large 1 bed(with study room) 82.3 886
22 1st 8 Large 1 bed(with study room) 73.0 786
23 1st 9 2 bed 80.6 868
24 1st 10 2 bed 83.1 894
25 2nd 11 2 bed 83.9 903
26 2nd 12 Large 1 bed(with study room) 82.3 886
27 2nd 13 Large 1 bed(with study room) 73.0 786
28 2nd 14 2 bed 80.6 868
29 2nd 15 2 bed 83.1 894
30 3rd 16 2 bed 95.4 1027
31 3rd 17 3 bed 107.0 1152
S C H E D U L E O F A C C O M M O D AT I O N
7P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y
BLOCK 4 U N I T FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
TH
E C
HE
ST
NU
T
49 Grd 1 2 bed 68.8 741
50 Grd 2 2 bed 78.7 847
51 Grd 3 1 bed 60.5 652
52 Grd 4 2 bed 74.6 802
53 1st 5 2 bed 68.0 732
54 1st 6 2 bed 78.7 847
55 1st 7 1 bed 60.5 652
56 1st 8 2 bed 74.6 802
57 2nd 9 2 bed 68.8 741
58 2nd 10 2 bed 78.7 847
59 2nd 11 1 bed 60.5 652
60 2nd 12 2 bed 78.7 847
61 3rd 13 3 bed 103.4 1113
62 3rd 14 2 bed 83.6 900
BLOCK 3 U N I T FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
TH
E O
AK
32 Grd 1 2 bed 83.9 903
33 Grd 2 Large 1 bed(with study room) 82.3 886
34 Grd 3 Large 1 bed(with study room) 73.0 786
35 Grd 4 2 bed 80.6 868
36 Grd 5 2 bed 83.1 894
37 1st 6 2 bed 83.9 903
38 1st 7 Large 1 bed(with study room) 82.3 886
39 1st 8 Large 1 bed(with study room) 73.0 786
40 1st 9 2 bed 80.6 868
41 1st 10 2 bed 83.1 894
42 2nd 11 2 bed 83.9 903
43 2nd 12 Large 1 bed(with study room) 82.3 886
44 2nd 13 Large 1 bed(with study room) 73.0 786
45 2nd 14 2 bed 80.6 868
46 2nd 15 2 bed 83.1 894
47 3rd 16 2 bed 95.4 1027
48 3rd 17 3 bed 107.0 1152
P A R K A V E N U E
8
F LO O R P L A N S - T H E O A K / T H E WA L N U T
G R O U N D F LO O R
F I R S T A N D S E C O N D F LO O R S
BEDROOM 1
LIVINGAREA
KITCHEN
UTILITY
STUDY
STUDYKITCHEN
LIVINGAREA
UTILITY
BEDROOM 1EN-SUITE
BEDROOM 1
BATHROOM
BEDROOM 2
UTILITY
KITCHENBEDROOM 1
BEDROOM 2
KITCHENBATHROOMEN-SUITE
UTILITY
CORRIDOR
LIFT KITCHEN
LIVINGAREA
BEDROOM 2
BEDROOM 1
BATHROOM
EN-SUITE
UTILITY
LIVINGAREA
LIVINGAREA
BATHROOMBATHROOM
BEDROOM 1
LIVINGAREA
KITCHEN
UTILITY
STUDY
STUDYKITCHEN
LIVINGAREA
UTILITY
BEDROOM 1EN-SUITE
BEDROOM 1
BATHROOM
BEDROOM 2
UTILITY
KITCHENBEDROOM 1
BEDROOM 2
KITCHE N
BATHROOM
EN-SUITE
UTILITY
CORRIDOR
LIFT KITCHE N
LIVINGAREA
BEDROOM 2
BEDROOM 1
BATHROOM
EN-SUITE
UTILITY
LIVINGAREA
LIVINGAREA
BATHROOM
BATHROOM
BEDROOM 1
LIVINGAREA
KITCHEN
UTILITY
STUDY
STUDYKITCHEN
LIVINGAREA
UTILITY
BEDROOM 1EN-SUITE
BEDROOM 1
BATHROOM
BEDROOM 2
UTILITY
KITCHENBEDROOM 1
BEDROOM 2
KITCHENBATHROOMEN-SUITE
UTILITY
CORRIDOR
LIFT KITCHEN
LIVINGAREA
BEDROOM 2
BEDROOM 1
BATHROOM
EN-SUITE
UTILITY
LIVINGAREA
LIVINGAREA
BATHROOMBATHROOM
BEDROOM 1
LIVINGAREA
KITCHEN
UTILITY
STUDY
STUDYKITCHEN
LIVINGAREA
UTILITY
BEDROOM 1EN-SUITE
BEDROOM 1
BATHROOM
BEDROOM 2
UTILITY
KITCHENBEDROOM 1
BEDROOM 2
KITCHE N
BATHROOM
EN-SUITE
UTILITY
CORRIDOR
LIFT KITCHE N
LIVINGAREA
BEDROOM 2
BEDROOM 1
BATHROOM
EN-SUITE
UTILITY
LIVINGAREA
LIVINGAREA
BATHROOM
BATHROOM
BLOCK No.1
WHEELIE BINS RECYCLING BINSWHEELIE
BINS
BLOCK No.5
RETAIL UNIT /SHOW APARTMENT
BLOCK No.1
WHEELIE BINS RECYCLING BINSWHEELIE
BINS
BLOCCKKK NNoo.55
RETAIL UNIT /SHOW APARTMENT
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y 9
F LO O R P L A N S - T H E S I LV E R B I R C H / T H E C H E S T N U T
G R O U N D F LO O R F I R S T A N D S E C O N D F LO O R S
BEDROOM 1BEDROOM 2
KITCHEN
BEDROOM 1
BEDROOM 2
UTILITY
BATHROOM
EN-SUITE
EN-SUITE
LIVINGAREA
BATHROOM
KITCHEN
LIVINGAREAUTILITY
BEDROOM 1
KITCHEN
BATHROOM
BATHROOM
EN-SUITE
KITCHENLIVINGAREA
UTILITY
ENTRANCELOBBY
BEDROOM 2LIVINGAREA
CARPARK
ACCESS
LIFT
BEDROOM 1
BEDROOM 1BEDROOM 2
KITCHEN
BEDROOM 1
BEDROOM 2
UTILITY
BATHROOM
EN-SUITE
EN-SUITE
LIVINGAREA
BATHROOM
KITCHEN
LIVINGAREAUTILITY
BEDROOM 1
KITCHEN
BATHROOM
BATHROOM
EN-SUITE
KITCHENLIVINGAREA
UTILITY
BEDROOM 2LIVINGAREA
LIFT
DOWNUP
BEDROOM 1
SILVERBIRCH
OAKWALNUT
CHESTN
UT
P A R K A V E N U E
1 0
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y 1 1
T E N A N C Y D E TA I L S
R E S I D E N T I A L ( T E N A N T S N O T A F F E C T E D )
C O M M E R C I A L ( T E N A N T S N O T A F F E C T E D )
U N I T TENANT AREA SQ.FT. TERM TERM START TERM END CONTRACTED RENT PER ANNUM
CRECHE Head Start Creche & Montessori 1,760 Rolling 01.11.2012 31.10.2017 €13,821
COOKERY COTTAGE The Cookery Cottage 1,946 Rolling 30.04.2013 29.04.2018 €22,439
VACANT FIRST FLOOR n/a 807 €0
TOTAL 4,513 €36,260
WALNUTSILVERBIRCH
CHESTNUTOAK
Nine of the apartments are let under standard residential tenancies at a combined rent of €113,460 per annum.
P A R K A V E N U E
1 2
River Lee
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y 1 3
Cork is Ireland’s second largest
city with a population
220,000 people
55% of the population is
under 39 years of age
Cork is set to be the fastest growing city
under Project Ireland 2040
(over 50% increase)
Excellent accessibility
through a modern international
airport and hourly train service to
and from Dublin
Private rented sector in Cork City accounts
for 26% of households well
ahead of the National average
of 18%
Year on Year increase in residential
rents of 11.4%
University city with over 30,000
students
Third Friendliest City in the
World(Conde Nast
Traveler 2018)
Gourmet capital of Ireland with Three Michelin
Restaurants and home to the
renowned English Market
Best small city in Europe for FDI
2018/2019 (Financial Times)
Home to over 150 multinational
companies employing over 35,000 people
8 of the world’s top 10
Pharmaceutical Companies are located in Cork
1.8 million sq ft of offices coming
on stream
Cork is a vibrant city which is full of character and offers great work
life balance
Mahon Market
W H Y C O R K
P A R K A V E N U E
1 4
C O R K R E S I D E N T I A L M A R K E T
THE PRIVATE RENTED SECTOR IN CORK CITY ACCOUNTS FOR 26% OF HOUSEHOLDS, A SIGNIFICANTLY LARGER PROPORTION THAN THE PRIVATE RENTED SECTOR IN THE WIDER COUNTY (16%) AND ACROSS IRELAND AS A WHOLE (18%). THE ONLY OTHER TWO AREAS IN IRELAND TO HAVE SUCH A HIGH PROPORTION OF PRIVATE RENTERS ARE THE CITIES OF DUBLIN AND GALWAY.
During the intercensal period (2011 to 2016) the proportion of private renters in Cork increased faster than the national average, at 2.1% compared with 1.4%, with over 260 new private rented households created in the city over the past five years. The increasing number of private rented households in Cork is creating demand for, and putting pressure on, appropriate housing. According to CSO data, 62% of existing private rented households in Cork are aged under 35, so will be post-university, typically young professionals. Reflecting the demographics
of the renter population demand is most pronounced in vibrant locations close to the city centre and is predominantly for smaller units/apartments rather than traditional ‘family’ stock.
Average rents range considerably in Cork, with a two-tier market emerging. According to the Daft.ie Q1 2019 residential rental report the standardised average rent is now €1,331 per month which represents a quarter on quarter increase of 1.3% and a year on year increase of 10.0%.
The average rents reflect the dominance of inferior quality second hand stock. There are just a small number of modern schemes in the City centre that would be considered prime, with rents for two bed apartments averaging between €1,800-€2,000 per month. This demonstrates that there is a significant premium for more high-end rental property, albeit there is limited supply.
Owner Occupied Social Rented Private Rented
H O U S I N G T E N U R EDepth of the Market, Private Rented Households in Permanent Housing 2016
Prop
ortio
n Pr
ivat
e H
ouse
hold
sin
Per
man
ent H
ousi
ng
Cork city Cork county Ireland
PRS up2.1%
PRS up2.6%
PRS up1.4%100
9080706050403020100
P R I M E R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y 1 5
R E S I D E N T I A L I N V E S T M E N T M A R K E T
Source: CBRE Research
Demand for PRS investments is fuelled by unique economic & demographic fundamentals and a notable supply demand imbalance in the residential rental sector in cities such as Dublin, Cork and Galway. Investors are encouraged by the inherent supply demand dynamics of the Irish market viewing PRS as a stable asset class that is likely to perform well over the long term.
Over 130 residential investment transactions extending to more than €1 million have been completed in Ireland since 2012, with 2018 being the strongest year so far in terms of the number and volume of transactions. €1.142 billion of residential investment transactions were completed during 2018
alone, representing 30% of all investment transactions – a dramatic increase in a one-year period. However, it is a trend which has become evident in the European market over the last 10 years. In the period between 2012 and Q1 2019, 86% of residential investment transactions in the Irish market were in Dublin. Outside of the capital, Cork accounted for the greatest proportion of transactions (46%) in the period, followed by Galway at 12% and Limerick at 3%.
According to CBRE Research, there is currently in the order of €6.3 billion targeting the Build-to- Rent sector in Ireland at present with most of this capital concentrating on the Dublin
market. This has increased from the previous year of approximately €5 billion. There has been a shift in the allocation of resources from the various jurisdictions with higher allocations seen from Europe, Ireland and Canada compared year-on-year.
The successful sale of The Elysian (206 apartments) has provided a strong endorsement of the strength and depth of the demand for quality multifamily investments in Cork city. This was followed by the successful sales of City Square, Blackpool (140 apartments) and the Quadrants & the Crescent, Ballincollig (165 apartments).
DEMAND FOR PRS INVESTMENTS IN IRELAND HAS INCREASED APPRECIABLY OVER THE PAST 12/24 MONTHS. PRS INVESTMENTS ACCOUNTED FOR JUST 6% OF TOTAL INVESTMENT IN THE IRISH MARKET IN 2016, INCREASING TO 10% IN 2017 AND ROSE SIGNIFICANTLY TO 30% IN 2018.
VA L U E O F I N V E S T M E N T I N R E S I D E N T I A L2012 to 2018
2012 2014 20162013 2015 2017 2018
1,200,000,000
1,000,000,000
800,000,000
600,000,000
400,000,000
200,000,000
-00
P A R K A V E N U E
1 6
T I T L EFreehold.
B E RApartments:
Commercial:
V I E W I N G SAll viewings strictly by appointment the sole selling agent.
F U R T H E R I N F O R M AT I O NInterest parties at the Vendor’s discretion will be provided access to the data room.
P R I C EOn application.
S O L I C I T O R S
Riverside TwoSir John Rogerson’s QuayDublin 2 www.beauchamps.ie
T O N Y O ’ S U L L I VA N+353 (0)1 4180600 [email protected]
Disclaimer: CBRE U.C., (CBRE Ireland). These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE U.C., 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 U.C., nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. PSRA: 001528
S O L E S E L L I N G A G E N T S
3rd Floor | Connaught House | 1 Burlington Road | Dublin 4 | Irelandwww.cbre.ie | PSRA: 001528
C O N TA C T:
K Y L E R O T H W E L LContact: +353 (0) 1 6185502email: [email protected]
B R I A N E D WA R D SContact: +353 (0) 21 4917254email: [email protected]
E M M A C O U R T N E Y Contact: +353 (0) 1 6185760email: [email protected]
