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IrelandCorkMidletonWatersedge Midleton, Midleton, Co. Cork, P25 HC60

€5,500,000

Watersedge Midleton, Midleton, Co. Cork, P25 HC60

Energy RatingInvestment Property Refreshed on Sep 24, 2020
Lisney Commercial Cork
Lisney Commercial Cork
Tel: 021 427 5079
PSRA Licence No. 001848
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Description

The property comprises a modern mixed-use scheme laid out in four buildings to include 36 apartments, a restaurant, offices and retail accommodation. The property also has the benefit of residual lands totalling approximately 15.6 acres.   The apartments are all modern two/three-bedroom units which are finished with solid wood flooring, modern kitchens, built in storage and hot presses. 28 of the 36 apartments contain an en-suite bathroom and many have access to a balcony with all apartments benefiting from river views.  The upper floor apartments are served by lifts. There is extensive surface car parking to the rear of the development in addition to a multi-level deck car park.  There is an additional commercial unit within the carpark building which is currently in shell condition.   Residual lands There are additional lands adjoining the existing development extending to approximately 15.6 acres zoned ‘'Open Space OS-2 & Open Space OS-4''.  The residual lands have the benefit of a positive planning history. Pl. Ref. no: 0756059 (now expired) previously granted permission for the development of 257 no. dwelling units in ten different blocks, ranging in height from 2 storeys to 6 + 1 storeys setback level, retail unit and Creche.   Riverside Mall Three storey commercial building comprising ground floor restaurant unit let to McDonalds Restaurants of Ireland ltd under a 35-year lease from 2003. The first and the second floors are in shell condition and provide two large open plan spaces suitable to a variety of uses.   Watersedge Four storey mixed use building comprising two previously occupied retail units at ground floor. The second and third floors comprise 8 no. two bed apartments.   Note: The first floor of this building is excluded from the sale.   Mogeesha House Four storey mixed use building with 6 vacant commercial units at ground floor. These units are in shell condition and provide the opportunity to amalgamate all or some of the units subject to planning permission. The first second and third floors comprise 18 no. apartments (12 x 2-bed and 6 x 3-bed).   Enterprise House Four storey mixed use building. The ground floor is occupied by Aldi and is excluded from the sale. The first floor provides office accommodation. The second and third floors provide 10 no. apartments all of which are two bedroom.  Beauchamps, Riverside 2, Sir John Rogerson's Quay, Dublin 2

Features

Substantial mixed-use investment opportunity laid out in four buildings to include 36 apartments, a restaurant, offices and retail accommodation together with extensive car parking. Tenants not affected. Currently producing a total rental income of €416,306p.a Apartments are fully let with the exception of a number of show apartments and are producing a current rental income of approx. €336,312p.a Potential to increase the total rental income to approx. €496,868p.a when the vacant apartments are let and RPZ increases applied. All apartments are either 2 or 3 bed units with BER ratings of between B3-C3. Restaurant let to McDonalds on a long term lease at a passing rent of €79,994p.a. Remaining 14 no. commercial units are vacant and comprise a total floor area of approx. 1,918 sq m (20,645 sq ft). Vacant space offers significant reversionary potential and offers a purchaser the opportunity to add value through implementation of an asset management strategy. Residual lands extending to approx. 15.6 acres offer further development potential, subject to planning permission. Centrally situated in Midleton town only a 2 minute walk from Main Street. Neighbouring occupiers include Lidl and Aldi.

BER Details

BER: B3-C3

Location

Watersedge is located centrally within Midleton town centre. The asset occupies a prominent pitch on the western bank of the Owenacurra River overlooking the town, adjacent to Lidl and Aldi which do not form part of the property. Main Street is approx. 200m east and a 2 min walk from the property with Market Green Shopping Centre close by. Midleton with a population of 12,800 is a growing satellite town which is home to the iconic Jameson Distillery. The town is situated approx. 21km east of Cork city accessed over a well-developed road and rail Infrastructure. It is adjacent to the main Waterford N25 and is approx.15km east of the Dublin / Cork M8 Motorway and the Jack Lynch Tunnel which connects with the South Ring Road network providing access to the airport and main West Cork and Kerry arterial routes.

Negotiator Details

David McCarthy

Documents

Property Price Register in Midleton