A portfolio of 10 apartments at Lancaster Gate, an attractive apartment complex in Cork city center, is being marketed by agents O’Connor Murphy for 4.2 million euros.
Lancaster Gate offers verdant waterfront living on the city’s Western Road in a development designed by architects Henry J Lyons and built in 2007. It is laid out in three separate blocks, The Fastnet, The Sherkin and The Garnish .
The River Lee Hotel is also on site, while University College Cork and Mercy University Hospital are less than 1 km away.
Presented as a private rental investment, the 10 apartments, which have been renovated to “like new” standards, are offered with a guide price of € 4.2 million and an estimated annual rent of € 237,600. The yield is of the order of 5.5%.
However, there may be potential for an increase, as apartments are currently rented for between € 1,900 and € 2,100 per month.
The set of 10 apartments could be an interesting proposition for one or a group of small investors.
These are all two bedroom units, varying in size from 66m² to 94.7m² and are equipped with one designated parking space per apartment in a secure basement parking lot.
They are finished to a high standard, with fitted kitchens, open plan living / kitchen areas, balconies / terraces and gas heating. The sale includes vacant possession and all apartments are furnished and available for immediate rental.
Accommodation in the area is in high demand, given the central location occupying a commanding position overlooking the River Lee. A tenant loan market exists among UCC staff, hospitals and all that Cork City has to offer, including the Victorian Quarter – home to Qualcomm – and less than 1.8 km from the business districts of Cork. ‘Albert Quay and Penrose Dock. Lancaster Gate is approximately 3.1 km from Hollyhill Industrial Estate, home to Apple