Residential and retail scheme in Cork city centre for €28m

A mixed-use investment in Cork city centre is on the market through Savills for €28 million.

City Square on Watercourse Road in Lady’s Well is a residential, retail and office scheme generating a rent roll of about €2 million per annum which equates to a net initial yield of 5.5 per cent.

Built in 2007, the development is in three blocks from two to five storeys and includes 145 residential units (127 form part of this sale) including one-, two- and three-bed apartments and duplexes. The homes for sale are all let and generate €1.816 million in rent per annum.

There are 16 commercial units at ground- and first-floor level with 280 car-parking spaces. The commercial element, which produces a rent roll of €177,200, extends to about 3,471sq m (36,782sq ft) with a mix of retail, offices and a crèche. Tenants include a pharmacy, medical centre and gym.

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Vacant space

According to the agent, there is potential to increase income from the commercial element by letting out some of the vacant space while market rents for the residential units are typically ahead of passing rents in the development.

City Square is about 500 metres from Cork city centre and has extensive frontage to Watercourse Road. It offers easy access to the main Cork to Limerick road and the Jack Lynch Tunnel. There is a regular bus service from Blackpool to Cork city centre and Kent Station is within walking distance.

Local employers include Apple, Dell, Amazon, Pfizer and GlaxoSmithKline while University College Cork and Cork Institute of Technology have a combined total of about 30,000 full- and part-time students.