The almost complete conversion of a Cork city convent into a high-end residential scheme is fresh to the market this week through Lisney for €3.75 million.

In recent years the former Ursuline Convent building in Blackrock has been renovated to provide 27 bespoke apartments and penthouses.

These include eight one-bed units, 15 two-beds and four three-bed penthouses varying in size from 58.1sq m (625sq ft) to 242sq m (2,604sq ft).

According to the agent, the conversion of the Ursuline convent has been “substantially completed” and now offers an opportunity to builders, developers and investors to acquire a development in Cork’s premier residential suburb with further opportunities to enhance the asset.

Once completed and let, it could generate a rent roll of around €500,000 per annum.

Internally the apartments are complete and require only decoration and soft furnishings. Common areas of the building are finished to a similar standard and all mechanical and electrical systems are in situ and only require commissioning.

A former chapel building adjacent to the convent building retains many original features and has further potential for conversion to residential or commercial use in keeping with the quality and tone of the main Ursuline building.

Elevated site

The property is on an elevated site overlooking Blackrock village and the River Lee about 4km southeast of the city.

It is a mature setting approached via a tree-lined driveway overlooking large ornamental gardens.

Mahon Point Shopping Centre is only a short drive away.

Patricia Stokes of Lisney says Cork's "residential market has performed very strongly over the past 12 months, the market showing rental growth of 8 per cent to year end 2014. The Ursuline, in view of its location, setting and quality of product will achieve rents at the higher end of the rental market."

Lisney is seeking best bids for the Ursuline by April 16th.