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Sunday's Well For Sale by Private Treaty SUN DAY’S WELL CORK 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 Mardyke 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 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. PATRICK’S STREET UNIVERSITY COLLEGE CORK KENT TRAIN STATION APPLE’S EUROPEAN HEADQUARTERS ENGLISH MARKET 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 / Dublin companies around the globe. / Waterford 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 PATRICK'S 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. CORK UNIVERSITY HOSPITAL 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 Jack Lynch Tunnel & M8 9 km Blackash UCC 1.5 km The Mardyke Sports Complex 1 km N Cork University Hospital 3 km N1 W 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 Cork City Council 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.
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