The Cork office of DTZ Sherry FitzGerald is guiding in excess of €2 million for a high quality student accommodation at Fullers Lodge on the College Road in Cork which is to be sold on the instructions of Paul McCann of Grant Thornton.
Fullers Lodge is a purpose built three-storey student accommodation complex with a variety of owners.
The 49 spaces going for sale are located across 11 apartments, nine of them in the front terrace facing on to the College Road and the other two in the building to the rear.
They are all fully furnished and equipped with a range of white goods.
The location of Fullers Lodge about 500 metres east of UCC has meant that it has been consistently popular with students looking for accommodation. The 49 spaces generated a gross income of €185,000 during the 2013/14 academic year and this year the income is expected to rise to over €200,000
Peter Flynn of DTZ said the sale by tender on November 27th would tick all the boxes for some investors. The sale would close before the year end to allow the purchaser to avail of the capital Gains Tax exemption.
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