Ten apartments at Cork’s Lancaster Gate for €4.2m

Portfolio of two-bed units in city scheme with strong rental demand and 5.5% yield

Lancaster Gate is a 2007 apartment development.

Lancaster Gate is a 2007 apartment development.

 

A portfolio of 10 apartments at Lancaster Gate, an attractive apartment development in Cork city centre, is being brought to the market by agents O’Connor Murphy for €4.2 million.

Lancaster Gate offers leafy, waterside living on the city’s Western Road in a development designed by architects Henry J Lyons and constructed in 2007. It is laid out in three separate blocks, The Fastnet, The Sherkin and The Garnish.

Also on site is the the River Lee Hotel, while University College Cork and Mercy University Hospital are less than 1km away.

Pitched as a private rented sector investment, the 10 apartments, which have been refurbished to “like-new” standards, come with a guide price of €4.2 million and an estimated annual rent roll of €237,600. The yield is of the order of 5.5 per cent.

There may be potential for an uplift however, given that the apartments are currently let at €1,900-€2,100 a month.

The package of 10 apartments could make an attractive proposition for a single, or a group of small investors.

They are all two-bedroom units, varying in size from 66sq m-94.7sq m and come with one designated car parking space per apartment within a secure basement car park.

They are finished to a high standard, with fitted kitchens, open-plan living room/kitchen areas, balconies/terraces and gas heating. The sale includes vacant possession and all apartments are furnished and available for immediate lease.

Accommodation in the area is in high demand, given the central location occupying a prominent position overlooking the river Lee. A ready market of tenants exists among staff at UCC, the hospitals and all that Cork city offers including Victorian Quarter – home to Qualcomm – and within 1.8km of Albert Quay and Penrose Dock business districts. Lancaster Gate is about 3.1km from Hollyhill Industrial Estate, home to Apple