Lot 7 - Granary Court, Connolly Street, Midleton, Co. Cork, P25 F683

  • Unconditional Online Auction Sale
  • Guide Price* : €1,000,000

8 Apartments and 2 Commerical Units - 14 Beds - 8 baths Units 5,6,8,9,11,12,15,16,19,20

Location

Directions: The best way to find this property is by using the Eircode. The Eircode provided is not for this land. If you place the Eircode P25 F683 into google on your phone, click search and this will bring you directly to the property.

Description

DNG Creedon are proud to present to the market this excellent opportunity to purchase 10 units in a complex of 20. The property is located in the town centre with gated parking. The property consists of 8 residential units and 2 ground floor commercial units however the 2 commercial units could easily be converted into a 2 bedroom and a 1 bedroom apartment. Each unit has a single designated car space. This development comprises of 5 x 2 bedroom duplex apartments, 1 x ground floor two bedroom apartments and 2 x ground floor one bed apartments and 2 x commercial units.

The development consists of the following:

Unit Occupancy Type Rent per month
Apt 5 Tenanted 2 bed duplex €999.08
Apt 6 Tenanted 2 bed duplex €1,116.00
Apt 8 Tenanted 2 bed duplex €1,116.00
Apt 9 Tenanted 2 bed duplex €999.08
Apt 11 Vacant 1 bed ground floor €1,000.00 (projection)
Apt 12 Tenanted 2 bed ground floor €1,116.00
Apt 15 Vacant 2 bed duplex €1,200.00 (projection)
Apt 16 Vacant 1 bed ground floor €1,000.00 (projection)
Unit 19 Vacant Commercial €1,200.00 (projection if converted)
Unit 20 Vacant Commercial €1,000.00 (projection if converted)

Total Monthly Income €10,546.16 (projection)
Total Annual Income €126,553.90(projection)

Current rent is approximately €60,960 per annum however it is believed with the conversion of the 2 commercial units this could increase to €126,554, giving you a yield of 12.7% per annum. Annual management fees are €1,150 per unit. BERs are a mixture of: B2, B3, C1 and C2. All properties are heated by gas and there is double glazing throughout. Management fees are €1,150 per annum per unit and the management fees for the 2 x commercial units are €575 per unit per annum.

The 2 bedroom duplex apartments consists of: hallway, open plan kitchen/living room, guest toilet, 2 double bedrooms, master bedroom has en-suite, main bathroom.

The one storey 2 bedroom apartments consists of: hallway, open plan kitchen/living room, 2 double bedrooms and a bathroom.

The 1 bedroom apartments consists of: hallway, open plan kitchen/living room, 1 double bedroom and a bathroom.

This property is located within walking distance from Main Street, Midleton and all its amenities. Midleton is 20km from Cork city centre. Midleton is a satellite town of Cork City, it is part of the Metropolitan Cork and is connected via easy access with the N25, M8, train and bus services. This is a thriving and bustling town with a hub of businesses all within walking distance.

Directions: The best way to find this property is by using the Eircode. The Eircode provided is not for this land. If you place the Eircode P25 F683 into google on your phone, click search and this will bring you directly to the property.

DNG Michael Creedon, for themselves and for the vendors or lessors of the property whose Agents they are, give notice that: (i) The particulars contained herein are set out as a general outline for the guidance of intending purchasers or tenants, and do not constitute any part of an offer or contract and are not in any way legally binding. (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of DNG Michael Creedon has any authority to make or give representation or warranty whatever in relation to this development. (iv) The particulars contained herein are confidential and are given on the strict understanding that all negotiations shall be conducted through DNG Michael Creedon. (v) DNG Michael Creedon disclaims all liability and responsibility for any direct and/or indirect loss or damage which may be suffered by any recipient through relying on any particular contained in or omitted from the aforementioned particulars.

BER No: 104966106

The auction has not yet started
Minimum Opening Bid

€1,000,000


Bidding Opens On
14th May 2020 09:00
End Date

Connecting to server...

Office Contact

Shane Finn Director DNG Creedon
021 4897300

Vendors Solicitor

Miriam Doyle
(0)1 4180949

Agreement Documents

Legal Documents

Log in to view legal documents

Share This Lot