SOUTH DOUGLAS ROAD, CORK PRIME RESIDENTIAL INVESTMENT OPPORTUNITY - CBRE
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SOUTH DOUGLAS ROAD, CORK PRIME RESIDENTIAL INVESTMENT OPPORTUNITY
CBRE ARE DELIGHTED TO PRESENT
FOR SALE BY PRIVATE TREATY
(TENANTS NOT AFFECTED)
INVESTMENT
HIGHLIGHTS
Unrivalled location within Set in an exclusive gated
close proximity to Cork City and fully landscaped
centre and Douglas Village environment
62 modern high-quality Generous apartment
apartments comprising a sizes with ample secure
mix of one, two and three basement car-parking
bed units
53 of the apartments Unique opportunity to
are being sold with full acquire 100% of the
vacant possession apartments within
the scheme
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 1
PARK AVENUE
N20 M8
N25
N8
Galweys Dundanion Castle
CORK CITY CENTRE N40
N22
N27
University St Finbarr’s Hospital Mahonpoint
College Cork Shopping Centre Lough Mahon
Mahon Golf Club
Wilton
Shopping
Centre
N40
Douglas
N40 Village
Douglas
Golf Club
Greenvalley
N27
N28
Cork
Airport
CORK CITY CENTRE
SOUTH LINK ROAD
TO CORK AIRPORT /
WEST CORK
2
L O C AT I O N
Cork City, with a population of 220,000 people is the of amenities which are available in both Cork City Centre
Republic of Ireland’s second largest city and is the premier (1.5km) and Douglas Village (1.5km).
retail, commercial, administrative and educational centre in
the south. Cork County is the largest county in Ireland and The surrounding area is predominantly residential in
has a population in excess of 540,000 people. There was a character with mature estate type developments including
5.1% increase in population in Cork City and suburbs from Kilcoman Lawn, Loreto Park and Heatherton. Dosco
2011-2016. 35% of people in Cork City are aged between 20- Business Park which includes a Cross Fit gymnasium, quality
39 compared with 28% nationally. butchers and fresh fish store is also located adjacent.
Christ the King Girls Secondary School, Douglas Community
The National Planning Framework Strategy (Project Ireland College and St. Finbarr’s Hospital are all located along South
2040) has set a target population growth of 130,000 (over Douglas Road.
50% increase) for Cork City over the life time of the Plan
meaning Cork is set to be the fastest growing Irish City over The location offers excellent access to and from the city
the coming years. centre and Douglas Village and is also within close proximity
to the South Link road which connects the property to Cork
Park Avenue is situated on South Douglas Road in an International Airport, Mahon Point shopping centre and
unrivalled location within close proximity to the wide range West Cork.
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 3
PARK AVENUE
DESCRIPTION
Park Avenue is a modern and exclusive apartment development which
was completed in 2009. The apartments are laid out in four blocks
comprising a total of 62 high quality one, two and three bed apartments
and penthouses. The scheme is accessed through a secure gated
entrance and via a private tree-lined avenue.
Park Avenue is set in an attractive fully landscaped environment which
has an excellent balance between a series of internal paved courtyards
and open grass lawns along the length of the apartments to the rear.
Throughout the gardens, there is a high level of ornamental planting of
small trees, hedging and flowering shrubs.
The apartments are of a generous size and finished to a high standard of
specification. The accommodation consists of 6 standard one bedroom
apartments (652 sq ft), 12 large one bedroom apartments (average
836 sq ft) which have additional study/dressing room/playroom, 40
two bedroom apartments (average 855 sq ft) and 4 three bedroom
apartments (average 1,132 sq ft).
x6 Bed x12 Bed x40 Bed x4 Bed
1 BED 1XL BED 2 BED 3 BED
652 sq ft 836 sq ft 855 sq ft 1,132 sq ft
S P E C I F I C AT I O N I N C L U D E S
¡ Each apartment has large private balconies/garden terraces
¡ Custom designed hi-gloss fully fitted kitchens with Duropal worktops
¡ Fully fitted wardrobes in bedrooms
¡ En-suite bathroom in master bedrooms
¡ Audio/video intercom access throughout the development
¡ Secure basement car-parking for 82 cars
¡ Lift access serving all floors in each block
The property also includes a small creche, a cookery cottage and
a first floor vacant commercial unit.
4
Cookery Cottage. Ground: Creche. First Floor: Vacant commercial unit. PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 5
PARK AVENUE
S C H E D U L E O F A C C O M M O D AT I O N
BLOCK 1 UNIT FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
1 Ground 1 2 bed 68.8 741
2 Ground 2 2 bed 78.7 847
4 Ground 3 1 bed 60.5 652
T H E S I LV E R B I R C H
3 Ground 4 2 bed 74.6 802
5 1st 5 2 bed 68.0 732
6 1st 6 2 bed 78.7 847
7 1st 7 1 bed 60.5 652
8 1st 8 2 bed 74.6 802
9 2nd 9 2 bed 68.8 741
10 2nd 10 2 bed 78.7 847
12 2nd 11 1 bed 60.5 652
11 2nd 12 2 bed 74.6 802
13 3rd 13 3 bed 103.4 1113
14 3rd 14 2 bed 83.6 900
BLOCK 2 UNIT FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
15 Grd 1 2 bed 83.9 903
Large 1 bed
16 Grd 2 82.3 886
(with study room)
Large 1 bed
17 Grd 3 73.0 786
(with study room)
18 Grd 4 2 bed 80.6 868
19 Grd 5 2 bed 83.1 894
20 1st 6 2 bed 83.9 903
T H E WA L N U T
Large 1 bed
21 1st 7 82.3 886
(with study room)
Large 1 bed
22 1st 8 73.0 786
(with study room)
23 1st 9 2 bed 80.6 868
24 1st 10 2 bed 83.1 894
25 2nd 11 2 bed 83.9 903
Large 1 bed
26 2nd 12 82.3 886
(with study room)
Large 1 bed
27 2nd 13 73.0 786
(with study room)
28 2nd 14 2 bed 80.6 868
29 2nd 15 2 bed 83.1 894
30 3rd 16 2 bed 95.4 1027
31 3rd 17 3 bed 107.0 1152
6
BLOCK 3 UNIT FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
32 Grd 1 2 bed 83.9 903
Large 1 bed
33 Grd 2 82.3 886
(with study room)
Large 1 bed
34 Grd 3 73.0 786
(with study room)
35 Grd 4 2 bed 80.6 868
36 Grd 5 2 bed 83.1 894
37 1st 6 2 bed 83.9 903
Large 1 bed
38 1st 7 82.3 886
(with study room)
THE OAK
Large 1 bed
39 1st 8 73.0 786
(with study room)
40 1st 9 2 bed 80.6 868
41 1st 10 2 bed 83.1 894
42 2nd 11 2 bed 83.9 903
Large 1 bed
43 2nd 12 82.3 886
(with study room)
Large 1 bed
44 2nd 13 73.0 786
(with study room)
45 2nd 14 2 bed 80.6 868
46 2nd 15 2 bed 83.1 894
47 3rd 16 2 bed 95.4 1027
48 3rd 17 3 bed 107.0 1152
BLOCK 4 UNIT FLOOR APT NUMBER TYPE AREA SQ.M AREA SQ.FT
49 Grd 1 2 bed 68.8 741
50 Grd 2 2 bed 78.7 847
51 Grd 3 1 bed 60.5 652
THE CHESTNUT
52 Grd 4 2 bed 74.6 802
53 1st 5 2 bed 68.0 732
54 1st 6 2 bed 78.7 847
55 1st 7 1 bed 60.5 652
56 1st 8 2 bed 74.6 802
57 2nd 9 2 bed 68.8 741
58 2nd 10 2 bed 78.7 847
59 2nd 11 1 bed 60.5 652
60 2nd 12 2 bed 78.7 847
61 3rd 13 3 bed 103.4 1113
62 3rd 14 2 bed 83.6 900
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 7
PARK AVENUE
F LO O R P L A N S - THE OAK / THE WALNUT
G RO U N D F LO O R
LIVING
AREA
LIFT KITCHE N
BEDROOM 2
BEDROOM 1
LIVING KITCHEN LIVING KITCHEN
AREA AREA
LIVING
AREA
UTILITY UTILITY
UTILITY BEDROOM 2
BEDROOM 2 BEDROOM 2
UTILITY
KITCHE N
EN-SUITE
BATHROOM EN-SUITE BATHR
BATHROOM
BATHROOM
CORRIDOR
BEDROOM 1 BEDROOM 1
BEDROOM 1
EN-SUITE EN-SUITE
BATHROOM
BEDROOM 1
BEDROOM 1
BATHROOM
UTILITY UTILITY
LIVING
LIVING AREA LIVING
AREA AREA
STUDY
STUDY KITCHEN
KITCHEN
F I R ST A N D S ECO N D F LO O R S
LIVING
AREA
FT KITCHE N LIFT KITCHEN
BEDROOM 2
BEDROOM 1
LIVING KITCHEN
AREA
LIVING LIVING
AREA AREA
UTILITY
UTILITY BEDROOM 2 UTILITY BEDROOM 2
BEDROOM 2
UTILITY
KITCHEN
EN-SUITE BATHROOM
EN-SUITE BATHROOM EN-SUITE
BATHROOM BATHROOM
CORRIDOR
BEDROOM 1 BEDROOM 1
BEDROOM 1
EN-SUITE
BATHROOM
BEDROOM 1
BATHROOM
BEDROOM 1
UTILITY UTILITY
LIVING
LIVING AREA
AREA
STUDY
STUDY KITCHEN
KITCHEN
8F LO O R P L A N S - T H E S I LV E R B I R C H / T H E C H E S T N U T
G RO U N D F LO O R F I R ST A N D S ECO N D F LO O R S
LIVING BEDROOM 2 BEDROOM 1
LIVING BEDROOM 2 BEDROOM 1 AREA
AREA
BATHROOM
BATHROOM
EN-SUITE
EN-SUITE
UTILITY
UTILITY
KITCHEN
KITCHEN
KITCHEN
KITCHEN
EN-SUITE
EN-SUITE BEDROOM 1
BEDROOM 1
LIVING
LIVING UTILITY
UTILITY AREA
AREA
BATHROOM BATHROOM
BEDROOM 2 BEDROOM 2
BEDROOM 1 BATHROOM BEDROOM 1
BATHROOM
UTILITY UTILITY
BATHROOM BATHROOM
KITCHEN LIVING KITCHEN
LIVING KITCHEN KITCHEN
AREA AREA
ENTRANCE EN-SUITE EN-SUITE
LOBBY
UP
CAR
DOWN
PARK
ACCESS
LIVING LIVING
BEDROOM 2 AREA BEDROOM 2 AREA
BEDROOM 1 BEDROOM 1
LIFT LIFT
WHEELIE
BINS WHEELIE BINS RECYCLING BINS
RETAIL UNIT /
SHOW APARTMENT
CHESTNUT
SILVERBIRCH
WALNUT OAK
BLOCK No.1
BLOCK
BLOC
CK N
No.5
o.5
5
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 9PARK AVENUE 10
T E N A N C Y D E TA I L S
RESIDENTIAL (TENANTS NOT AFFECTED)
Nine of the apartments are let under standard residential tenancies at a combined rent of €113,460 per annum.
COMMERCIAL (TENANTS NOT AFFECTED)
CONTRACTED
UNIT TENANT AREA SQ.FT. TERM TERM START TERM END RENT PER ANNUM
Head Start Creche & 30.04.2013 29.04.2018 €22,439
CRECHE 1,760 Rolling
Montessori
COOKERY COTTAGE The Cookery Cottage 1,946 Rolling 01.11.2012 31.10.2017 €13,821
VACANT FIRST FLOOR n/a 807 €0
TOTAL 4,513 €36,260
OAK
CHESTNUT
SILVERBIRCH
WALNUT
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 11PARK AVENUE River Lee 12
WHY CORK
Cork is Ireland’s 55% of the Cork is set to Excellent Private rented Year on Year University city
second largest population is be the fastest accessibility sector in Cork increase in with over 30,000
city with a under 39 years growing city through a modern City accounts residential students
population of age under Project international for 26% of rents of
220,000 Ireland 2040 airport and hourly households well 11.4%
people (over 50% train service to ahead of the
increase) and from Dublin National average
of 18%
Third Gourmet capital Best small city in Home to over 8 of the 1.8 million sq ft Cork is a vibrant
Friendliest of Ireland with Europe for FDI 150 multinational world’s top 10 of offices coming city which is full
City in the Three Michelin 2018/2019 companies Pharmaceutical on stream of character and
World Restaurants and (Financial Times) employing over Companies are offers great work
(Conde Nast home to the 35,000 people located in Cork life balance
Traveler 2018) renowned
English Market
Mahon Market
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 13PARK AVENUE
CORK RESIDENTIAL MARKET
THE PRIVATE RENTED SECTOR IN CORK CITY ACCOUNTS FOR 26% OF HOUSEHOLDS, A SIGNIFICANTLY LARGER
PROPORTION THAN THE PRIVATE RENTED SECTOR IN THE WIDER COUNTY (16%) AND ACROSS IRELAND AS A WHOLE
(18%). THE ONLY OTHER TWO AREAS IN IRELAND TO HAVE SUCH A HIGH PROPORTION OF PRIVATE RENTERS ARE THE
CITIES OF DUBLIN AND GALWAY.
During the intercensal period (2011 to 2016) of the renter population demand is most The average rents reflect the dominance of
the proportion of private renters in Cork pronounced in vibrant locations close to the inferior quality second hand stock. There
increased faster than the national average, city centre and is predominantly for smaller are just a small number of modern schemes
at 2.1% compared with 1.4%, with over 260 units/apartments rather than traditional in the City centre that would be considered
new private rented households created in the ‘family’ stock. prime, with rents for two bed apartments
city over the past five years. The increasing averaging between €1,800-€2,000 per month.
number of private rented households in Average rents range considerably in Cork, This demonstrates that there is a significant
Cork is creating demand for, and putting with a two-tier market emerging. According premium for more high-end rental property,
pressure on, appropriate housing. According to the Daft.ie Q1 2019 residential rental albeit there is limited supply.
to CSO data, 62% of existing private rented report the standardised average rent is now
households in Cork are aged under 35, €1,331 per month which represents a quarter
so will be post-university, typically young on quarter increase of 1.3% and a year on year
professionals. Reflecting the demographics increase of 10.0%.
HOUSING TENURE
Depth of the Market, Private Rented Households in Permanent Housing 2016
PRS up PRS up PRS up
100
2.1% 2.6% 1.4%
90
Proportion Private Households
80
in Permanent Housing
70
60
50
40
30
20
10
0
Cork city Cork county Ireland
Owner Occupied Social Rented Private Rented
14RESIDENTIAL INVESTMENT MARKET
DEMAND FOR PRS INVESTMENTS IN IRELAND HAS INCREASED APPRECIABLY OVER THE PAST 12/24 MONTHS.
PRS INVESTMENTS ACCOUNTED FOR JUST 6% OF TOTAL INVESTMENT IN THE IRISH MARKET IN 2016, INCREASING TO
10% IN 2017 AND ROSE SIGNIFICANTLY TO 30% IN 2018.
Demand for PRS investments is fuelled by alone, representing 30% of all investment market. This has increased from the previous
unique economic & demographic fundamentals transactions – a dramatic increase in a one- year of approximately €5 billion. There has
and a notable supply demand imbalance in the year period. However, it is a trend which has been a shift in the allocation of resources
residential rental sector in cities such as Dublin, become evident in the European market over from the various jurisdictions with higher
Cork and Galway. Investors are encouraged by the last 10 years. In the period between 2012 allocations seen from Europe, Ireland and
the inherent supply demand dynamics of the and Q1 2019, 86% of residential investment Canada compared year-on-year.
Irish market viewing PRS as a stable asset class transactions in the Irish market were in Dublin.
that is likely to perform well over the long term. Outside of the capital, Cork accounted for the The successful sale of The Elysian (206
greatest proportion of transactions (46%) apartments) has provided a strong
Over 130 residential investment transactions in the period, followed by Galway at 12% and endorsement of the strength and depth of the
extending to more than €1 million have been Limerick at 3%. demand for quality multifamily investments
completed in Ireland since 2012, with 2018 in Cork city. This was followed by the
being the strongest year so far in terms of According to CBRE Research, there is currently successful sales of City Square, Blackpool
the number and volume of transactions. in the order of €6.3 billion targeting the Build- (140 apartments) and the Quadrants & the
€1.142 billion of residential investment to- Rent sector in Ireland at present with most Crescent, Ballincollig (165 apartments).
transactions were completed during 2018 of this capital concentrating on the Dublin
VALUE OF INVESTMENT IN RESIDENTIAL
2012 to 2018
1,200,000,000
1,000,000,000
800,000,000
600,000,000
400,000,000
200,000,000
-00
2012 2013 2014 2015 2016 2017 2018
Source: CBRE Research
PRIME RESIDENTIAL INVESTMENT OPPORTUNITY 15PARK AVENUE
TITLE SOLICITORS
Freehold.
BER
Apartments:
Riverside Two
Sir John Rogerson’s Quay
Commercial: Dublin 2
www.beauchamps.ie
VIEWINGS TONY O’SULLIVAN
All viewings strictly by appointment the sole +353 (0)1 4180600
selling agent. t.osullivan@beauchamps.ie
F U R T H E R I N F O R M AT I O N
Interest parties at the Vendor’s discretion will
be provided access to the data room.
PRICE
On application.
Disclaimer: CBRE U.C., (CBRE Ireland). These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 on the understanding that any negotiations relating to the
property are conducted through them. While every care has been taken in preparing them, CBRE U.C., for themselves and for the vendor/lessor whose agents they are, give notice that: (i) The particulars
are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to
condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on
them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness. (iii) Neither CBRE U.C., nor any of their employees have any authority to make
any or give any representation or warranty in relation to the property.
PSRA: 001528
16SOLE SELLING AGENTS 3rd Floor | Connaught House | 1 Burlington Road | Dublin 4 | Ireland www.cbre.ie | PSRA: 001528 C O N TA C T : KYLE ROTHWELL Contact: +353 (0) 1 6185502 email: kyle.rothwell@cbre.com BRIAN EDWARDS Contact: +353 (0) 21 4917254 email: brian.s.edwards@cbre.com EMMA COURTNEY Contact: +353 (0) 1 6185760 email: emma.courtney@cbre.com
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