SUNDAY'S WELL CORK CITY - Superb Development Opportunity with F.P.P for 202 Residential Units - Savills
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For Sale by Private Treaty
SU ND AY ’S
WE LL
COR K C IT Y
S up er b D evelopment O pportunity
w ith F.P.P for 2 02 Res identia l Units
7.8 acres
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
CON T EN T S
The Opportunity 02
At a Glance 02
Sale Highlights 03
Location 04
Employment Base 07
Connectivity 07
Description 08
Planning Permission 10
Schedule of Accommodation 11
Design Standards 12
Market Commendatory 13
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
T HE
OPP ORT U N I T Y
Sole selling agent Savills is
delighted to offer for sale this SALE
HIGHLIGHTS
superb development opportunity
located in Sunday’s Well, which • F
ull planning permission in
place for 202 residential units
is regarded as one of Cork’s most •
Potential to increase the
sought-after residential addresses. number of apartment
units with the introduction
The property comprises a 7.8 acre elevated of the new Apartment
site that offers panoramic views across the Design Standards
city centre and benefits from Full Planning •
Unrestricted by the Rent
Permission for the development of 182 Pressure Zone Legislation
apartments and 20 townhouses. It is superbly •
Located in one of Cork’s most
located within close proximity of the city centre desirable residential addresses
and less than 1.5km south east of Apple’s
•
South facing site of
European Headquarters which employs close to
approximately 3.14 hectares
6,000 people.
(7.8 acres) with panoramic
The opportunity now exists to acquire this city views
superb “ready to go” development site in one of •
Just 2kms from Cork City
Cork’s most historic and prestigious addresses. Centre and within close
proximity to UCC, The
Mardyke and Fitzgerald’s Park
THE S TRO N G G ROW TH D E MAN D F O R TI G HT RE NTAL
RE S I D E NTIAL
ACROS S LE AD I N G PRIVATE RE NTE D MARKE T PL AN N I N G
OPP ORT U N I T Y SALE MARKE T
I N D I C ATO RS ACCO M M O DATI O N CO N D ITI O N S
AT A GL A NCE
• Ireland continues to experience • 57,900 additional households in • Fewer than 95 properties • Official estimates show residential An Bord Pleanala Reference
the fastest rate of economic the PRS since 2012 available to rent in Cork City as completions in Cork rose by 19% 300690
growth in the EU • 11.4% of Ireland’s urban dwellers of April 2019 (Daft.ie) in 2018 • Apartments - 182
• GDP currently rising by 6.7% live in Cork • Near-record low vacancy rate of • New homes transactions in Cork • Townhouses - 20
per annum • A fifth of households across the 1.27% nationally rose by 3.2% in 2018
• Car Parking Spaces - 218
• 50,500 net new jobs added in country now rent privately • Average rental growth of 6.9% • New dwelling completions
2018 (+2.3%) • €161m spent on Cork PRS across the country totalled 18,072 nationally last year
• Population growing by 60,000 investments in 2018 • An estimated 35,000 new
persons per year (+1.2%) residential units are required per
year until at least 2022
2 3
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
LOCAT ION
Sunday’s Well is a mature and
highly sought after residential
area located just 2kms west of
Cork City Centre.
There are many attractions in the area
including The Mardyke Sports complex,
Fitzgerald’s Park and the River Lee. The site
lies adjacent to Cork City Gaol Museum, a local
landmark and popular tourist attraction.
Given the sought after address, properties at
Sunday’s Well regularly achieve strong sales
and rental values which is borne out by strong
demand from a range of buyers in the market
to include those ‘trading up & trading down’
and those working in the city centre or in
Apple’s HQ. The site is superbly situated and
offers ease of access to Cork’s Central Business
District in the city centre as well as Apple’s
European Headquarters which is located 1.5km
to the north west.
PAT R I C K ’ S S T R E E T
U N I V ER S I T Y C O L L EG E C O R K K E N T T R A I N S TAT I O N A P P L E ’ S EU R O P E A N H E A D Q UA R T E R S ENGLISH MARKET CORK
4 5
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
To Limerick
Fairhill EMPLOYMENT
BASE
Cork offers opportunities across
a diverse range of industries and
St Luke’s
APPLE N20 the area continues to attract
EUROPEAN HQ To Jack Lynch interest from multinational
Tunnel / Dublin
companies around the globe.
/ Waterford
KENT World ICT leaders such as Dell
STATION
EMC, VM Ware, Analog Devices,
Intel, Amazon, Facebook and
Lee
River Apple are based in Cork. Cork
S U N DAY ’S R8 47 N8 PÁIRC ÚI
Ard CHAOIMH also has a strong Life Sciences
WELL ST PATRICK'S sector that features Johnson &
Sionnach STREET
Johnson, GSK, Pfizer, Janssen
Biologics and Eli Lilly.
FITZGERALD'S Cork City
PARK Centre
THE MARDYKE CONNECTIVITY
SPORTS COMPLEX OA D RD
BLACKR
By Air
UNIVERSITY Cork International Airport
N22
COLLEGE CORK
Beaumont served 2.3m passengers in 2017
To Kerry
R852 and offers 9 flights daily to
R8 5 1 London as well as regular daily
SAIN
T PA
TR
flights to hub airports such as
I C K 'S
RD
Amsterdam, Paris, Heathrow
R608 and Manchester.
Cork By Rail
Lough Kent train station offers an
R8 49 R6 10 hourly service to Dublin.
CORK UNIVERSITY
HOSPITAL
SO
UT
H
DO
UG
DIS TA NCE
RD
LA Douglas
S
RD River
IRISH INDEPENDENT
DUFF
PARK F ROM PROPERT Y
POULA
Apple European HQ 1.5 km
R641
Patrick’s Street 2 km
Deanrock N27 Mahon Point Shopping Centre 11 km
RD
Kent Railway Station N 2 83 km
ALE
N40 Cork Airport 10 km
KINS
N40
Jack Lynch Tunnel & M8 9 km
Blackash UCC 1.5 km
The Mardyke Sports Complex 1 km
N Cork University Hospital 3 km
W E Irish Independent Park 4 km
S CORK AIRPORT Páirc Úi Chaoimh 5 km
6 7
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
C IT Y E V E NT L A N C A S TE R DA LY ’S R I V E R LE E U N I V E RS IT Y S U N DAY ’ S W E LL
C E NTR E C E NTR E S ITE GATE BRIDGE H OTE L CO LLE G E CO R K TE N N I S C LU B
DE SCR IP T ION
The property consists of an
elevated site extending to
approximately 3.14 hectares (7.8
acres) with a southerly aspect
overlooking the River Lee, UCC
and the western city suburbs.
The site is accessed off Sunday’s Well Road
via Buxton Hill to the east and Convent Road
to the west. The former Good Shepherd
Convent is an imposing listed building, now
derelict, located along the northern boundary
of the site. A natural stone wall encloses the
site on its northern, eastern and western
boundary to ensure maximum security while
mature trees and shrubs provide a mature and
secluded setting.
The site is largely regular in configuration and
has the benefit of Full Planning Permission
for the development 202 residential units
comprising a mix of townhouses, 1, 2 and 3
bed duplex units as well as 1, 2 and 4 bed
apartment units and creche facility.
8 9
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
SCHEDULE OF
A6 A C C O M M O D AT I O N
PL A N N ING Type of Unit
No. of No. of Floor Area
PER MI S SION
Beds Units (Sq ft)
BUILDING A1
A5 Apartment 1 4 602-615
A4 Apartment 2 12 936-968
Under planning reference A3 Apartment 3 4 1,095
A2 Total 20
17/37279 Cork City Council
A1
B1 BUILDING A2 (New Build)
granted full planning permission Apartment 1 3 710-732
for the development of 202 Apartment 2 11 861-1,119
Apartment 3 15 1,097-1,216
residential units comprising 182 Duplex 2 2 1,065-1,162
apartments and 20 townhouses. B3 B2
Duplex 3 4 1,248-1,280
Duplex 4 1 1765
B4
In September 2018 An Bord Pleanala upheld Total 36
the Local Authority’s grant of planning which BUILDING A3 (New Build)
will now run until September 2023.
Apartment 1 7 645-710
Apartment 2 11 861-1,087
B5
Apartment 3 7 1,098
Total 25
B6 BUILDING A4 (New Build)
Apartment 1 9 592-602
Apartment 2 28 861-990
Duplex 2 2 1,367-1,754
Duplex 3 2 980-1,022
Total 41
BUILDING A5
Apartment 2 12 861-871
Total 12
BUILDING B1
Apartment 1 4 602
Apartment 2 16 861
Total 20
BUILDING B2
Townhouse 4 8 1,571
Total 8
BUILDING B3
Apartment 1 8 581
Duplex 3 8 1,184
Total 16
BUILDING B4
Apartment 1 6 581
Duplex 3 6 1,173
Total 12
BUILDING B5
Townhouse 4 12 1,571
Total 12
Overall No. Units 202
10 11
DEV ELOPM E N T OPP OR TU NITY SUN DAY ’ S W E L L • COR K
M A R K E T C O M M E N D AT O R Y
H O M E RE NTAL B ECO M I N G Theory suggests that if the actual vacancy rate lies
N E W A PA RT MEN T M O RE PRE VALE NT beneath the NVR the market is undersupplied and rents
DE SIGN S TA N DA R DS Cork City had a population of 125,675 at the time of the
will be rising, and that is exactly what is happening.
Indeed, average residential rents nationally rose by 6.9%
2016 Census. Over 25% of people were between the ages
in 2018 and are forecast to grow by about 6.5% and 4.9%
of 25 and 39 – above the national average and the prime
in 2019 and 2020 respectively.
In March 2018 the Department As a result, there is potential to increase the age for renting in Ireland. While 20% of households lived
overall number of units (SPP) when taking into in an apartment/flat, a higher proportion (26%) were Average residential rents nationally rose by 6.9% in
of Housing, Planning and account the new guidelines. Under the new renting from a private landlord. The comparable figure for the year to December 2018. Despite Cork City being a
guidelines the minimum floor areas have been
Local Government published the country as a whole is 18%, demonstrating that Cork designated Rent Pressure Zone (RPZ), rents grew by
amended as follows; City is a hub for people living outside of the traditional 11.4% over the same period. Rental growth in properties
new Guidelines for Planning owner-occupier model. that had not previously been let and those that have
Authorities on design standards UNIT TYPE M I N . F L OO R A R E A
The demographic profile of the city points to a solid pool
undergone substantial changes – both of which are
excluded from the rent caps – would appear to explain
for new apartments as a response Studio 37 sq m of young, educated professionals who are more likely to
why growth in the capital continues to exceed the
rent. In 2016, almost half of people were under the age
to the changing demographics 1 Bed 45 sq m
of 35 and 37% were educated to at least degree level,
regulated rate of 4% per annum.
as well as being a measure to 2 Bed (3 Person) 63 sq m with over half in skilled employment. Moreover, University
Figure 2: Cork City Average Rent
College Cork acts as a focal point for potential students
2 Bed (4 Person) 73 sq m
reduce the cost of delivery and from across the south of Ireland, with a population that 1,400
3 Bed 90 sq m
improve viability. has grown by an average rate of 2.4% over the past four 1,200
years to over 18,000 students today.
1,000
Build to Rent schemes now qualify for S TRO N G RE NTAL MARKE T 800
assessment by planning authorities and are
subject to various different standards on the Demand for rented accommodation continues to be 600
basis that they are owned and operated by an driven by the affordability challenges of home ownership. 400
institutional entity for at least 15 years with a This has led to a major tenure shift towards private
200
commitment not to sell or rent units separately renting. Based on estimates from the Labour Force
during this period. Survey, 361,700 households nationally were renting €
2013 Q1
2013 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2016 Q2
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
privately at the end of 2018 (19.5% of all households),
which is a 16.4% increase on the previous year. Despite
an expansion in the overall stock of properties in the
PRS, vacancy at 1.27% is significantly below the Natural I NVE S TM E NT BY S EC TO R
Build to Sell Build to Rent Vacancy Rate (NVR) which Savills econometrically
One theme to emerge recently is the strong investor
estimates to be 5.94% nationally.
demand for Irish PRS and student housing product.
Significantly reduced requirement in urban areas
Affordability barriers associated with owner-occupation
within close proximity to public transport or in Significantly reduced requirement in urban areas Figure 1: Vacancy Rate in the Private Rented Sector (National)
Car Parking have precipitated a substantial tenure shift to private
peripheral and less accessible urban locations within close proximity to public transport
1 space per unit and 1 visitor space per 3-4 units
11 renting, with more than one-in-four Dublin households
10
now living in rented accommodation. So far, supply
9
Bike Spaces 1 space per bed and 1 visitor space per 2 units 1 space per bed and 1 visitor space per 2 units has failed to keep pace with demand and rents have
8
been rising sharply. With little prospect of this changing
7
Apts per Core Max 12 per core No restriction in the near-term, investors are keen to deploy capital
6
5
into the sector. In total, more than €1.15bn (30.9% of
Scheme may include up to 50% one bed or studio 4 total turnover) of multi-family and student housing
Unit Mix No restriction on unit mix
units (with no more than 20-20% being studios) 3 accommodation traded between January and
2 December 2018.
Majority of units required to be 10% larger No requirement for majority of units to be 1
Min Floor Areas Of this, €161m alone was spent on PRS investments
than min floor area guide 10% larger than min requirements %
in Cork in 2018 which included the sale of The Elysian
2008 Q2
2008 Q4
2009 Q2
2009 Q4
2010 Q2
2010 Q4
2011 Q2
2011 Q4
2012 Q2
2012 Q4
2013 Q2
2013 Q4
2014 Q2
2014 Q4
2015 Q2
2015 Q4
2016 Q2
2016 Q4
2017 Q2
2017 Q4
2018 Q2
2018 Q4
Dual aspect reduced to 33% on schemes Dual aspect reduced to 33% on schemes and City Square in Cork City and City Square and The
Dual Aspect
close to public transport close to public transport National VR Natural Vacancy Rate
Crescent/The Quadrants on the outskirts of the city
centre in Ballincollig. Net initial yields for all 3 sales
Source: Savills Research, CSO and Daft.ie ranged from 4.3% to 5%.
12 13
TITLE SELLING AGENTS
Freehold/Leasehold
Savills
PRICE 11 South Mall, Cork
On Application +353 (0)21 427 1371
www.savills.ie
VIEWINGS PSRA Licence Peter O’Meara
Viewings strictly by appointment and to be No. 002233
Savills Ireland
arranged with the sole selling agent.
t +353 (0)21 4906114
m +353 (0)87 2361181
F U R T H E R I N F O R M AT I O N
e peter.omeara@savills.ie
Interested parties will, at the vendor’s discretion, be
provided with access to a dedicated Data Room. James O’Donovan
Savills Ireland
The Data Room contains comprehensive
t +353 (0)21 4906120
information including site map, floor plans, site
m +353 (0)83 1015715
sections, EIA documents, title information and the
e james.odonovan@savills.ie
contract for sale.
SOLICITOR Disclaimer: The agents and the Vendor/Lessor give note that the particulars and
information contained in this brochure do not form any part of any offer or contract
Steen O’ Reilly Solicitors and are for guidance only. The particulars, descriptions, dimensions, references to
condition, permissions or licences for use or occupation, access and any other details,
31/34 Trimgate Street such as prices, rents or any other outgoings are for guidance only and are subject
to change. Maps and plans are not to scale and measurements are approximate.
Navan, Co. Meath Whilst care has been taken in the preparation of this brochure intending purchasers,
Lessees or any third party should not rely on particulars and information contained
in this brochure as statements of fact but must satisfy themselves as to the accuracy
of details given to them. Neither Savills nor any of their employees have any authority
Tony Hyland to make or give any representation or warranty (express or implied) in relation to the
property and neither Savills nor any of their employees nor the vendor or lessor shall be
t +353 (0)46 9076300 liable for any loss suffered by an intending purchaser/lessees or any third party arising
from the particulars or information contained in this brochure. Prices quoted are
e solicitors@steenoreilly.ie exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the
basis that the purchasers/lessees shall be liable for any VAT arising on the transaction.
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