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Watersedge, Midleton, Co Cork

Investment Property For Sale by Private Treaty
of

Price €5,500,000

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.

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.

Full 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. 

Viewing Details

By special appointment with the sole selling agent, Lisney.

Accommodation

     
    RESIDENTIAL 

     

     

     

     

     

    Block

    Two Bed

    Three Bed

    Total 

    Current Rental Income (€)

    ERV (€)

    Watersedge

    8

    -

    8

    64,992

    92,049

    Mogeesha House

    11

    7

    18

    178,320

    207,836

    Enterprise House 

    10

    -

    10

    93,000

    111,438

    Total 

    29

    7

    36

    336,312

    411,323

    % Unit Type 

    81%

    19%

         

     

    COMMERCIAL 

     

     

     

     

    Block

    Floor

    Tenant 

    Size (sqm)

    Current Rental Income (€)

    Riverside Mall

    Ground

    McDonalds Restaurants of Ireland Ltd

    335

    €79,994 pa

    Riverside Mall

    First 

    Vacant (Shell)

    335

    n/a

    Riverside Mall

    Second 

    Vacant (Shell)

    354

    n/a

    Watersedge

    Ground 

    Vacant retail 

    92.9

    n/a

    Watersedge

    Ground

    Vacant retail 

    tbc

    n/a

    Mogeesha House

    Ground 

    Vacant Retail Unit 1-3

    319

    n/a

    Mogeesha House 

    Ground 

    Vacant Retail Unit 4-6

    402

    n/a

    Enterprise House

    First 

    Vacant Units 1 & 2

    170

    n/a

    Enterprise House 

    First 

    Vacant Units 3 & 4

    246

    n/a

     

    Zoning

    The existing buildings are on a site zoned ‘Town Centre/mixed use’.The additional site adjoining the existing development extends to approximately 1.6 acres and is zoned ‘’OpenSpace OS-2’’ along with residual lands extending to approximately 14 acres which are zoned ‘’Open Space0S-4’’.

     

    Title

    We understand that the property is held on Freehold title. For the avoidance of doubt please note that the property will be sold subject to and with the benefit of the above leases and the tenants will be unaffected by the sale.

     

    Tenancies

    The apartments are let under rolling yearly tenancies. The residential element is fully let with the exception of show apartments which are to remain vacant for the purposes of viewings.  The ground floor commercial unit in Riverside Mall is occupied by McDonalds Restaurants of Ireland Ltd trading as McDonalds Restaurant under a 35-year lease with no tenant break option from 01 March 2004 at a rent of €79,994 pa excl.

BER Details

BER: B3-C3

Solicitor

Beauchamps, Riverside 2, Sir John Rogerson’s Quay, Dublin 2

Contact Details

Address: 1 South Mall, Cork
Telephone: +353-21-427 5079 or you can also email us at cork@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.