Blackmore Court, Blackmore Lane, Sullivans Quay

Asking Price: €1,750,000

Property Location

Cork city hosts nine separate third level educational institutions to include University College Cork (UCC), Cork Institute of Technology, National Maritime College of Ireland, Crawford College of Art and Design, Cork School of Music, Griffith College Cork, Cork College of Commerce, St. Johns Central College and Colé¡iste Stiofé¡in Naofa. There is a total of some 25,000 students presently attending UCC and CIT.

Property Description

The subject property occupies a central location which fronts directly onto the public footpath of Blackmore Lane. The Lane, which runs parallel with Sullivans Quay, also links Meade Street and Sober Lane on the south side of the city centre. A number of third level colleges lie within convenient walking distance as does the central shopping area of the city. Nearby transport links include the Bus Eireann depot at Parnell Place and Kent Train Station on the Lower Glanmire Road. This location also allows for convenient access to Corks suburban bus network as well as bike hire stands. The property comprises two adjoining mid-terrace buildings together with a small enclosed rear yard. The east building appears to be a modern concrete frame structure arranged over four floors while the adjoining west building appears to be of more traditional construction. Originally arranged over two floors, it now boasts an extra floor above a converted dormer area. Accommodation through the entire presently comprises ten apartments and two ancillary laundry rooms. There is lift access and a concrete stairwell to each floor and all apartments are self-contained

Property Specification

We are advised that the building is fully booked for the coming academic year producing a rental income of €158,080. This is supplemented by a letting of the entire to a hostel operator for the Summer months generating a further income of €10,000. - Centrally located student accommodation block - Adjacent to several third level institutions - 10 apartments offering 30 bedrooms - 12-month occupancy - Passing rent €168,080 p.a. - Excellent Investment Opportunity - Net Initial Yield 9.19%

Annual Rent

Passing rent €168,080 p.a

Property Size/Area

Approximately 9,310 Sq ft (864.9 Sq.M)

Service Charge

Management costs are currently in the region of €9,000 p.a.

Title

Freehold

VAT

Any VAT arising as a result of the transaction will be the responsibility of the purchaser

BER Rating