Cork mixed-use investment at €9.5m offers 7.3% net initial yield

Agent Lisney is guiding a price of €9.5 million for a major mixed-use investment in the heart of Cork’s Douglas Village.

Developed in 2000 by local couple George and Imelda Barry, East Douglas Village (as it is known) comprises a total of five buildings consisting of a bar/restaurant, a 10-bedroom hotel, office and retail accommodation, three restaurants and 16 two-bedroom apartments.

Located in close proximity to both the Douglas Village and Douglas Court shopping centres and just south of the N40 South Ring Road, the investment is producing an income of €761,424 per annum currently, €574,860 of which is being generated from the scheme’s commercial tenants, while the remaining €186,564 is being derived from its apartments, all 16 of which are occupied.

The commercial tenants include East Village Bar, Restaurant and Hotel, EBS, El Vino Tapas and Wine Bar, Ramen Asian Street Food, Oakfire Pizza, Staunton & Byrne Hair Salon, Douglas Barbers, The Ailesbury Clinic and The Metric Group.

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There is extensive on-site car parking, which offers additional rental income potential, according to the selling agent. There are three apartments within the development that are not being offered as part of the sale, which is being conducted on behalf of a receiver.

Douglas East Village is being offered for sale as a single lot by Margaret Kelleher of Lisney at a guide price of €9.5 million, reflecting a net initial yield of 7.3 per cent.