€17.5m for a portfolio of 62 apartments in one of Cork city’s best locations

Both Irish and international investors are expected to express an interest in the sale of a portfolio of 62 apartments located in one of Cork city’s most sought-after suburban locations.

Agent CBRE is quoting €17.5 million for Park Avenue, a modern residential development on South Douglas Road.

Completed in 2009, the scheme comprises six standard one-bedroom apartments (652sq ft), 12 large one-bedroom apartments with an additional study/dressing room (836sq ft), 40 two-bedroom apartments (855sq ft) and four three-bedroom apartments (1,132sq ft). The property has 82 car parking spaces at basement level.

Some 53 of the scheme’s 62 apartments are being offered for sale with full vacant possession.

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Also forming part of the sale are two commercial investments occupied by a creche and a cookery school (tenants not affected) and a first-floor vacant commercial unit. The commercial units have ample surface car parking.

Park Avenue is set in a fully-landscaped environment, and is accessed through a secure gated entrance and via a private tree-lined avenue.

In terms of its location, the scheme is situated on South Douglas Road 1.5km in either direction from Cork city centre and Douglas village. It is also situated adjacent to the South Link road which connects the property to Cork International Airport, Mahon Point shopping centre and Kinsale.

Brian Edwards, managing director of CBRE Cork, says: “We are expecting interest in this property to be strong. Investors have the opportunity to acquire 100 per cent of the apartments in the scheme, with the majority being sold with full vacant possession.”

Kyle Rothwell, head of investment properties at CBRE, adds: “The demand for PRS [private rented sector] investments in Ireland has increased appreciably over the past 12 to 24 months from just 6 per cent of total investment in the Irish market in 2016, to 30 per cent in 2018. We would expect an asset of this quality to attract strong national and European investor interest.”