CORK CITY - Savills · 2019. 7. 19. · Cork City Centre. There are many attractions in the area...

SUNDAY’SWELL

Superb Development Opportunitywith F.P.P for 202 Residential Units

7.8 acres

For Sale by Private Treaty

C O R K C I T Y

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

CONTENTS

DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

• Full planning permission in place for 202 residential units

• Potential to increase the number of apartment units with the introduction of the new Apartment Design Standards

• Unrestricted by the Rent Pressure Zone Legislation

• Located in one of Cork’s most desirable residential addresses

• South facing site of approximately 3.14 hectares (7.8 acres) with panoramic city views

• Just 2kms from Cork City Centre and within close proximity to UCC, The Mardyke and Fitzgerald’s Park

Sole selling agent Savills is delighted to offer for sale this superb development opportunity located in Sunday’s Well, which is regarded as one of Cork’s most sought-after residential addresses.

The property comprises a 7.8 acre elevated site that offers panoramic views across the city centre and benefits from Full Planning Permission for the development of 182 apartments and 20 townhouses. It is superbly located within close proximity of the city centre and less than 1.5km south east of Apple’s European Headquarters which employs close to 6,000 people.

The opportunity now exists to acquire this superb “ready to go” development site in one of Cork’s most historic and prestigious addresses.

THE OPPORTUNITY

THE OPPORTUNITYAT A GLANCE

S A L E H I G H L I G H T S

• Fewer than 95 properties available to rent in Cork City as of April 2019 (Daft.ie)

• Near-record low vacancy rate of 1.27% nationally

• Average rental growth of 6.9% across the country

TIGHT RENTAL MARKET CONDITIONS

• Official estimates show residential completions in Cork rose by 19% in 2018

• New homes transactions in Cork rose by 3.2% in 2018

• New dwelling completions totalled 18,072 nationally last year

• An estimated 35,000 new residential units are required per year until at least 2022

RESIDENTIAL SALE MARKET

• 57,900 additional households in the PRS since 2012

• 11.4% of Ireland’s urban dwellers live in Cork

• A fifth of households across the country now rent privately

• €161m spent on Cork PRS investments in 2018

DEMAND FOR PRIVATE RENTED ACCOMMODATION

• Ireland continues to experience the fastest rate of economic growth in the EU

• GDP currently rising by 6.7% per annum

• 50,500 net new jobs added in 2018 (+2.3%)

• Population growing by 60,000 persons per year (+1.2%)

STRONG GROW TH ACROSS LEADING INDICATORS

An Bord Pleanala Reference 300690

• Apartments - 182

• Townhouses - 20

• Car Parking Spaces - 218

PL ANNING

DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

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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.

ENGLISH MARKET CORK KENT TR AIN STATION APPLE’S EUROPE AN HE ADQUARTERS UNIVERSIT Y COLLEGE CORK

PATRICK’S STREET

LOCATION

DEVELOPMENT OPPORTUNITY

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SUNDAY’S WELL • CORK

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Apple European HQ 1.5 kmPatrick’s Street 2 kmMahon Point Shopping Centre 11 kmKent Railway Station 3 kmCork Airport 10 kmJack Lynch Tunnel & M8 9 kmUCC 1.5 kmThe Mardyke Sports Complex 1 kmCork University Hospital 3 kmIrish Independent Park 4 kmPáirc Úi Chaoimh 5 km

DISTANCE FROM PROPERTY

R851R852

R610R849

R608

R847

KENT STATION

To Jack Lynch Tunnel / Dublin / Waterford

To Limerick

To Kerry

N 2 2

N 2 0

N 8

N 2 7

N 4 0N 4 0

N 2 8

R 6 4 1

N 7 1

SAINT PATRICK'S RD

PO

ULA

DU

FF R

D

KIN

SALE

RD

SOUTH DOUGLAS RD

BLACKROAD RD

Beaumont

St Luke’s

ArdSionnach

Fairhill

Blackash

Deanrock

Cork CityCentre

River Lee

CorkLough

DouglasRiver

CORK AIRPORT

APPLE EUROPEAN HQ

UNIVERSITY COLLEGE CORK

CORK UNIVERSITY HOSPITAL

THE MARDYKE SPORTS COMPLEX

IRISH INDEPENDENT PARK

ST PATRICK'S STREET

PÁIRC ÚICHAOIMH

FITZGERALD'SPARK

SUNDAY’SWELL

N

S

EW

Cork offers opportunities across a diverse range of industries and the area continues to attract interest from multinational companies around the globe. World ICT leaders such as Dell EMC, VM Ware, Analog Devices, Intel, Amazon, Facebook and Apple are based in Cork. Cork also has a strong Life Sciences sector that features Johnson & Johnson, GSK, Pfizer, Janssen Biologics and Eli Lilly.

By Air Cork International Airport served 2.3m passengers in 2017 and offers 9 flights daily to London as well as regular daily flights to hub airports such as Amsterdam, Paris, Heathrow and Manchester.

By Rail Kent train station offers an hourly service to Dublin.

E M P L O Y M E N T B A S E

C O N N E C T I V I T Y


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CIT Y CENTRE

EVENTCENTRE S ITE

L ANCAS TERGATE

DALY ’S BRIDGE

RIVER LEEHOTEL

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.

U NIVERS IT YCOLLEGE CORK

S U NDAY ’S WELLTENNIS CLU B

DESCRIPTION


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S C H E D U L E O F A C C O M M O D AT I O N

Apartment 1 4 602-615


Apartment 3 4 1,095

Total 20

BUILDING A1


Apartment 2 11 861-1,119

Apartment 3 15 1,097-1,216

Duplex 2 2 1,065-1,162

Duplex 3 4 1,248-1,280

Duplex 4 1 1765

Total 36

BUILDING A2 (New Build)



Duplex 2 2 1,367-1,754

Duplex 3 2 980-1,022

Total 41



Total 12

BUILDING A5

Apartment 1 4 602

Apartment 2 16 861

Total 20

BUILDING B1

Townhouse 4 8 1,571

Total 8

BUILDING B2

Apartment 1 8 581

Duplex 3 8 1,184

Total 16

BUILDING B3

Apartment 1 6 581

Duplex 3 6 1,173

Total 12

BUILDING B4

Townhouse 4 12 1,571

Total 12

Overall No. Units 202

BUILDING B5



Apartment 2 11 861-1,087

Apartment 3 7 1,098

Total 25

Type of Unit No. of Beds

No. of Units

Floor Area (Sq ft)

A1

A2A3

A4

A5

B1

B2B3

B5

B4

B6

A6

Under planning reference 17/37279 Cork City Council granted full planning permission for the development of 202 residential units comprising 182 apartments and 20 townhouses.

In September 2018 An Bord Pleanala upheld the Local Authority’s grant of planning which will now run until September 2023.

PLANNING PERMISSION


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Build to Rent schemes now qualify for assessment by planning authorities and are subject to various different standards on the basis that they are owned and operated by an institutional entity for at least 15 years with a commitment not to sell or rent units separately during this period.

Build to Sell Build to Rent

Car Parking

Significantly reduced requirement in urban areas within close proximity to public transport or in peripheral and less accessible urban locations

1 space per unit and 1 visitor space per 3-4 units

Significantly reduced requirement in urban areas within close proximity to public transport

Bike Spaces 1 space per bed and 1 visitor space per 2 units 1 space per bed and 1 visitor space per 2 units

Apts per Core Max 12 per core No restriction

Unit Mix Scheme may include up to 50% one bed or studio units (with no more than 20-20% being studios)

No restriction on unit mix

Min Floor Areas Majority of units required to be 10% larger than min floor area guide

No requirement for majority of units to be 10% larger than min requirements

Dual Aspect Dual aspect reduced to 33% on schemes close to public transport

Dual aspect reduced to 33% on schemes close to public transport

As a result, there is potential to increase the overall number of units (SPP) when taking into account the new guidelines. Under the new guidelines the minimum floor areas have been amended as follows;

UNIT TYPE MIN. FLOOR AREA

Studio 37 sq m

1 Bed 45 sq m

2 Bed (3 Person) 63 sq m

2 Bed (4 Person) 73 sq m

3 Bed 90 sq m

HOME RENTAL BECOMING MORE PREVALENT

Cork City had a population of 125,675 at the time of the 2016 Census. Over 25% of people were between the ages of 25 and 39 – above the national average and the prime age for renting in Ireland. While 20% of households lived in an apartment/flat, a higher proportion (26%) were renting from a private landlord. The comparable figure for the country as a whole is 18%, demonstrating that Cork City is a hub for people living outside of the traditional owner-occupier model.

The demographic profile of the city points to a solid pool of young, educated professionals who are more likely to rent. In 2016, almost half of people were under the age of 35 and 37% were educated to at least degree level, with over half in skilled employment. Moreover, University College Cork acts as a focal point for potential students from across the south of Ireland, with a population that has grown by an average rate of 2.4% over the past four years to over 18,000 students today.

STRONG RENTAL MARKET

Demand for rented accommodation continues to be driven by the affordability challenges of home ownership. This has led to a major tenure shift towards private renting. Based on estimates from the Labour Force Survey, 361,700 households nationally were renting 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 Vacancy Rate (NVR) which Savills econometrically estimates to be 5.94% nationally.

Theory suggests that if the actual vacancy rate lies beneath the NVR the market is undersupplied and rents will be rising, and that is exactly what is happening. Indeed, average residential rents nationally rose by 6.9% in 2018 and are forecast to grow by about 6.5% and 4.9% in 2019 and 2020 respectively.

Average residential rents nationally rose by 6.9% in the year to December 2018. Despite Cork City being a designated Rent Pressure Zone (RPZ), rents grew by 11.4% over the same period. Rental growth in properties that had not previously been let and those that have undergone substantial changes – both of which are excluded from the rent caps – would appear to explain why growth in the capital continues to exceed the regulated rate of 4% per annum.

INVESTMENT BY SEC TOR

One theme to emerge recently is the strong investor demand for Irish PRS and student housing product. Affordability barriers associated with owner-occupation have precipitated a substantial tenure shift to private renting, with more than one-in-four Dublin households now living in rented accommodation. So far, supply has failed to keep pace with demand and rents have been rising sharply. With little prospect of this changing in the near-term, investors are keen to deploy capital into the sector. In total, more than €1.15bn (30.9% of total turnover) of multi-family and student housing accommodation traded between January and December 2018.

Of this, €161m alone was spent on PRS investments in Cork in 2018 which included the sale of The Elysian and City Square in Cork City and City Square and The Crescent/The Quadrants on the outskirts of the city centre in Ballincollig. Net initial yields for all 3 sales ranged from 4.3% to 5%.

In March 2018 the Department of Housing, Planning and Local Government published new Guidelines for Planning Authorities on design standards for new apartments as a response to the changing demographics as well as being a measure to reduce the cost of delivery and improve viability.

NEW APARTMENT DESIGN STANDARDS

M A R K E T C O M M E N D AT O R Y

Figure 1: Vacancy Rate in the Private Rented Sector (National)

Figure 2: Cork City Average Rent

Source: Savills Research, CSO and Daft.ie

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National VR Natural Vacancy Rate

2

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1,400

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T I T L EFreehold/Leasehold

P R I C EOn Application

V I E W I N G SViewings strictly by appointment and to be arranged with the sole selling agent.

F U R T H E R I N F O R M A T I O N Interested parties will, at the vendor’s discretion, be provided with access to a dedicated Data Room.

The Data Room contains comprehensive information including site map, floor plans, site sections, EIA documents, title information and the contract for sale.

S O L I C I T O RSteen O’ Reilly Solicitors31/34 Trimgate StreetNavan, Co. Meath

Tony Hylandt +353 (0)46 9076300e [email protected]

S E L L I N G A G E N T S

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 and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, 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. 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 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 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 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.

Savills11 South Mall, Cork+353 (0)21 427 1371www.savills.ie

Peter O’MearaSavills Irelandt +353 (0)21 4906114m +353 (0)87 2361181e [email protected]

James O’DonovanSavills Irelandt +353 (0)21 4906120m +353 (0)83 1015715e [email protected]

PSRA Licence No. 002233

CORK CITY - Savills · 2019. 7. 19. · Cork City Centre. There are many attractions in the area...

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Transcript of CORK CITY - Savills · 2019. 7. 19. · Cork City Centre. There are many attractions in the area...