Student, Multi-Family And Office Investments On The Double In Cork City
Copley Court and Leeside Apartments on the Market
Dublin, 26th April 2017 – 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.
Leeside Apartments is located on Bachelors Quay overlooking the River Lee in Cork City centre. It is situated immediately adjacent to the Mercy Hospital, the Tyndall Institute and the University College Cork Distillery Complex and it is also a short distance from the UCC main campus, Patrick Street and the South Mall.
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. 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.
“The economics for this asset class are working really well at present and Copley Court and Leeside Apartments are excellent opportunities for any investor seeking to diversify their portfolio with multi-family, student accommodation and office assets.”
”Considering the current expansion plans for UCC & CIT in Cork and the continued development of new offices, the existing demands on accommodation will only increase on an on-going basis. Both these assets are well placed to take advantage of this and the subsequent higher rental levels anticipated.”
For further information please do not hesitate to contact Willie Norse in CBRE or Peter O’Flynn in Cushman & Wakefield.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE U.C. (CBRE Ireland)
CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company, now employing over 132 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie.