Joint agents CBRE and Cushman & Wakefield have today launched Copley Court, a student accommodation and office investment and the Leeside Apartments which is a multi-family investment in Cork City.
The joint agents are marketing the properties for sale by private treaty and are guiding in excess of €15.5 million and €7.75 million for the two assets respectively. The properties are being offered to the market for sale individually and by way of Private Treaty.
Copley Court is a mix of student accommodation and office accommodation located in the centre of Cork City, a short distance from Albert Quay and South Mall. The scheme comprises two blocks within which there are 37 student apartments and approximately 4,000 sq. m (43,055 sq. ft.) of commercial accommodation. The complex also includes 60 private car spaces. Total passing income is €1,220,900 per annum.
Copley Court is centrally located on Copley Street, a short distance from St Patrick’s Street and Cork’s Central Business District, Cork School of Music, Cork College of Commerce and St John’s College. The area is well connected with Cork Airport, Kent Train Station, Cork Bus Station and the main arterial routes all nearby.
The Leeside Apartments is a multi-family block which is currently in use as private rented residential and student accommodation. It is located in the centre of Cork City, a stone’s throw from the central business district and many significant commercial occupiers. The scheme comprises 78 apartments in five adjoining blocks, providing a mix of one, two, three and four bedroom units. The complex also includes 32 private car spaces. The scheme is 87% occupied and the current projected rental income as of April 2017 is approximately €676,600 per annum.
According to CBRE, "Cork has long been a destination for global enterprises due to its skilled workforce and connectivity. This coupled with its strong educational facilities has made it a destination for the likes of pharmaceuticals, biotechnology and ICT operations to locate in the area. Cork City has been experiencing strong residential rent increases over the past 12 months.
They added, "This highlights the potential for rental growth in both the student and residential elements of both Leeside Apartments and Copley Court. The office sector in Cork City has also seen an increase in demand with 78% of tenant demand focused on the city centre during 2016."
Source: www.businessworld.ie
