For Sale by Private Treaty

SUN DAY’S WELL CITY

Superb Development Opportunity with F.P.P for 202 Residential Units 7.8 acres DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

CONTENTS

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 DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

THE OPPORTUNITY

Sole selling agent Savills is delighted to offer for sale this S A L E HIGHLIGHTS superb development opportunity located in Sunday’s Well, which • Full 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 and Fitzgerald’s Park

STRONG GROWTH DEMAND FOR TIGHT RENTAL THE RESIDENTIAL ACROSS LEADING PRIVATE RENTED MARKET PLANNING OPPORTUNITY SALE MARKET INDICATORS ACCOMMODATION CONDITIONS AT A GLANCE • 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 1.27% nationally rose by 3.2% in 2018 • A fifth of households across the • 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 DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

LOCATION

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 . The site lies adjacent to 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.

PATRICK’S STREET

UNIVERSITY COLLEGE CORK KENT TRAIN STATION APPLE’S EUROPEAN HEADQUARTERS CORK

4 5 DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

To Limerick Fairhill EMPLOYMENT BASE

Cork offers opportunities across St Luke’s a diverse range of industries and the area continues to attract APPLE N20 EUROPEAN H To ack Lynch interest from multinational Tunnel / companies around the globe. / KENT World ICT leaders such as Dell STATION EMC, VM Ware, Analog Devices, Intel, Amazon, Facebook and River Lee Apple are based in Cork. Cork SUNDAY’S R847 N8 PIRC I also has a strong Life Sciences Ard CHAOIMH WELL Sionnach ST PATRICKS sector that features Johnson & STREET Johnson, GSK, Pfizer, Janssen Biologics and Eli Lilly. FITGERALDS Cork City PARK Centre THE MARDYKE CONNECTIVITY

SPORTS COMPLE BLACKROAD RD By Air N22 UNIVERSITY Cork International Airport COLLEGE CORK Beaumont served 2.3m passengers in 2017 To Kerry R852 and offers 9 flights daily to R851 London as well as regular daily SAINT PATRICKS RD flights to hub airports such as Amsterdam, Paris, Heathrow R608 and Manchester.

Cork By Rail Lough Kent train station offers an

R849 R610 hourly service to Dublin.

SOUTH DOUGLAS RD

DouglasDISTANCE IRISH INDEPENDENT River PARK FROM PROPERTY Apple European HQ 1.5 km R641 POULADUFF RD Patrick’s Street 2 km Deanrock N2 Mahon Point Shopping Centre 11 km Kent Railway Station N283 km N40 Cork Airport 10 km N40 KINSALE RD Tunnel & M8 9 km Blackash UCC 1.5 km The Mardyke Sports Complex 1 km

N Cork University Hospital 3 km N1 E Irish Independent Park 4 km

S CORK AIRPORT Páirc Úi Chaoimh 5 km

6 7 DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

CIT Y EVENT LANCASTER DALY’S RIVER LEE UNIVERSITY SUNDAY’S WELL CENTRE CENTRE SITE GATE BRIDGE HOTEL COLLEGE CORK TENNIS CLUB

DESCRIPTION

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 DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

SCHEDULE OF A6 ACCOMMODATION

PLANNING No. of No. of Floor Area Type of Unit Beds Units (Sq ft) PERMISSION 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 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 Duplex 3 4 1,248-1,280 apartments and 20 townhouses. B3 B2 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 DEVELOPMENT OPPORTUNITY SUNDAY’S WELL • CORK

MARKET COMMENDATORY

HOME RENTAL BECOMING Theory suggests that if the actual vacancy rate lies NEW APARTMENT MORE PREVALENT beneath the NVR the market is undersupplied and rents will be rising, and that is exactly what is happening. Cork City had a population of 125,675 at the time of the DESIGN STANDARDS 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 Local Government published guidelines the minimum floor areas have been 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 UNIT TYPE MIN. FLOOR AREA undergone substantial changes – both of which are Authorities on design standards The demographic profile of the city points to a solid pool excluded from the rent caps – would appear to explain Studio 37 sq m of young, educated professionals who are more likely to for new apartments as a response why growth in the capital continues to exceed the rent. In 2016, almost half of people were under the age 1 Bed 45 sq m regulated rate of 4% per annum. to the changing demographics of 35 and 37% were educated to at least degree level, 2 Bed (3 Person) 63 sq m with over half in skilled employment. Moreover, University as well as being a measure to 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 1400 3 Bed 90 sq m has grown by an average rate of 2.4% over the past four improve viability. 1200 years to over 18,000 students today. 1000 Build to Rent schemes now qualify for STRONG RENTAL MARKET 800 assessment by planning authorities and are subject to various different standards on the Demand for rented accommodation continues to be 600 driven by the affordability challenges of home ownership. basis that they are owned and operated by an 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 privately at the end of 2018 (19.5% of all households), 2017 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2013 Q2 2014 Q2 2013 Q3 2013 Q4 2014 Q3 2014 Q4 2015 Q2 2015 Q3 2015 Q4 2016 Q2 2018 Q2 2016 Q3 2018 Q3 2016 Q4 which is a 16.4% increase on the previous year. Despite 2018 Q4 an expansion in the overall stock of properties in the PRS, vacancy at 1.27% is significantly below the Natural INVESTMENT BY SECTOR 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 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 in the near-term, investors are keen to deploy capital Apts per Core Max 12 per core No restriction 6

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 than min floor area guide 10% larger than min requirements Of this, €161m alone was spent on PRS investments in Cork in 2018 which included the sale of 2011 Q2 2011 Q4 2017 Q2 2012 Q2 2017 Q4 2013 Q2 2014 Q2 2012 Q4 2013 Q4 2014 Q4 2015 Q2 2015 Q4 2016 Q2 2018 Q2 2016 Q4 2018 Q4 2010 Q2 2010 Q4 2009 Q2 2008 Q2 2009 Q4 Dual aspect reduced to 33% on schemes Dual aspect reduced to 33% on schemes 2008 Q4 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 FURTHER INFORMATION e [email protected] 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 [email protected] 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 [email protected] 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.