Savills has announced the launch of the City Square residential development project in Cork, Ireland, to the market at a guide price of €28 mln.
This multi-family opportunity offers investors an attractive net initial yield of 5.5%.
City Square is a residential development with ancillary commercial accommodation of 3,500 m2, centrally located in Lady’s Well, just 500 metres from Cork city centre.
The development is designed in three distinct blocks – ranging in height from 2 to 5 storeys – known as The Courtyard, The Plaza and The Gallery. The overall scheme comprises 145 residential units, of which 127 form part of this sale. The development also offers 16 commercial units located at ground and first floor level with a total of 280 car parking spaces.
With virtually full residential occupancy generating a current overall gross income of €1.8 mln per annum, and an additional €177,200 per annum from the commercial element, City Square also offers potential to grow the income further by securing additional commercial tenancies. It was initially constructed in 2007.
Kevin McMahon and Isobel O’Regan of Savills who are handing the sale commented: 'The multi-family market has established itself as one of the most sought after investment mediums within the Irish property sector in recent years. City Square is an excellent value-add multi-family opportunity due to the continually increasing demand for rented accommodation in Cork City Centre.'
