Thursday 14 December 2017

Cork apartment blocks guiding just under €7m

DTZ Sherry FitzGerald seeking €6.75m for these two apartment blocks at Harty's Quay in Rochestown in Cork City
DTZ Sherry FitzGerald seeking €6.75m for these two apartment blocks at Harty's Quay in Rochestown in Cork City
Peter Flanagan

Peter Flanagan

DTZ Sherry Fitgerald is seeking €6.75m for two apartment blocks in Cork City.

The firm has been retained to sell the blocks known as the Neptune and the Schooner at Harty's Quay in Rochestown, Cork.

The Neptune and the Schooner comprise a large multi-family investment of 50 apartments within the Harty's Quay scheme.

Harty's Quay is situated in a waterfront looking across the Douglas Estuary, Lough Mahon, the River Lee and the former Blackrock and Passage Railway amenity walk.

Harty's Quay was constructed in the early 2000s by McCarthy Developments. It comprises a large waterfront apartment complex extending to nine blocks laid out in a u shape facing the water. The buildings surround well maintained and landscaped grounds. Car parking is provided within a decked car park, and additional parking is provided at surface level.

The Neptune and the Schooner blocks are situated in the south west corner of the scheme with stunning views across the Douglas Estuary towards Mahon Golf Club. Both blocks provide five floors of accommodation, with an additional mezzanine provided for the penthouse units. Five units are provided on each floor of both blocks, providing 50 units in total comprising 43 two bed apartments, five one bed apartments and two three bed apartments.

Harty's Quay is about 8km south east of Cork city centre close to a wide range of amenities including a number of primary and secondary schools, the Rochestown Inn, Cinnamon Cottage and a large convenience store and petrol station located a short distance away.

"It also benefits from good accessibility to Douglas village which provides an extensive array of services and facilities and also to the N40 South Ring Road and Jack Lynch Tunnel providing direct access to locations throughout the city," say DTZ.

Harty's Quay is within walking and cycling distance of City Gate and Mahon Point, where many of the tenants of the property are employed.

According to DTZ Sherry FitzGerald Cork managing director Peter O'Flynn, "the property represents a unique opportunity to acquire an exclusive waterfront multi-family investment in a prime suburb of Cork".

The firm's senior surveyor Eoin Ryan, anticipates that "there will be a great deal of interest from a wide range of purchasers due to the quality of the product on offer, the strong rent roll, the large lot size and the potential break-up value of the asset over time".

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