Savills is seeking €5.5 million for a fully let scheme of 35 apartments in Douglas, Cork – which works out at an average value of €157,000 per unit.
Should it sell at this price, a purchaser can secure a gross income yield of 6.89 per cent after standard acquisition costs.
Rental income of around €395,700 per annum is generated by the Temple Grove apartments at Carr’s Hill. Average rents for two-beds are €950 per month, but with the general shortage of rental accommodation, Savills suggests higher rents may be achieved on re-letting.
Temple Grove was completed in 2013 and is adjacent to a scheme of 17 detached houses. All the apartments are in a single block built around a central podium courtyard.
The three-storey block includes 31 two-beds, two one-beds and two three-beds with two car-parking spaces at basement level for each apartment and individual lock-up basement stores for each unit.
Every apartment has en suite facilities and a utility room, and the fit-out is to a very high standard for letting purposes.
Douglas village is within walking distance and Cork city centre is a five-minute drive. A regular bus service serves the area and the development gives easy access to Cork’s Ring Road while Cork airport is also a short drive away.
