INVESTMENT OPPORTUNITY

Transcription

1 COPLEY COURT CORK CITY PRIME STUDENT AND INVESTMENT OPPORTY FOR SALE BY PRIVATE TREATY (TENANTS NOT AFFECTED)

2 THE OPPORTY Attractive opportunity to acquire a substantial student accommodation and office investment in Cork City Centre Prime location steps from St Patrick s Street, Cork s CBD, the South Infirmary Hospital, Cork College of Commerce, Cork School of Music and St. John s College The investment comprises 37 student apartments, 137 bed spaces and 4,056 sq.m. / 43,658 sq.ft. of office accommodation set over five floors in two adjoining buildings Basement car parking for approximately 60 cars Current combined passing income of approximately 1,220,906 per annum Cork City has seen strong year-on-year residential and student accommodation rent increases Potential to increase annual income through active asset management, office lettings and extension of current student accommodation Well connected to multiple local and national transport links including Kent Train Station, Cork Bus Station, Cork Airport, South City Link Road and the M8 Cork to Dublin Motorway UCC Architectural College currently occupy 26,727 sq.ft. (2,483 sq.m.) approx. of office accommodation on a 5-year lease from October The current passing rent for this section is 260,000 per annum

3 MARKET CONTEXT STUDENT ACCOMMODATION Cork City is home to over 25,000 students attending University College Cork, Cork Institute of Technology and Cork College of Commerce Total availability of 65,000 sq m at end December 2016 mainly comprising older, obsolete or poorly located accommodation much of which provides small floorplates and is not suitable for modern office requirements The Cork student population accounts for 15% of all national students. Third level enrolment numbers are projected to grow year-on-year as the requirement for a third level qualification increases to enhance employment prospects Future projections by the HEA show that there will be approximately 39,700 and 43,500 bed spaces by 2019 and 2024, respectively. However, demand for bed spaces is estimated to be approximately 62,900 in 2019 and 68,700 by 2024 WHY INVEST IN CORK Cork has developed into a thriving hub of global growth sectors including ICT, pharmaceuticals, healthcare, biotechnology, food and business services. Cork is currently home to approximately 140 overseas companies such as Apple, EMC, Dell, IBM, Boston Scientific and Pfizer employing 28,500 people. This number continues to increase year-on-year ACCOMMODATION In Cork, 78% of tenant demand was focused on the city centre in 2016 reflecting the lack of available larger modern office accommodation in the suburbs, although there is also now a lack of similar accommodation in the city centre The local skilled work force, good quality work life balance, well connected infrastructure and existing international company base puts Cork in a strong position to attract additional international enterprises There is a current lack of availability of large modern floor plates, this is likely to continue in the short term

4 THE ASSET Copley Court is a mixed-use investment which will appeal to a range of investor types given its prime location, strong rent roll, potential to strengthen revenue and the opportunity to invest in student accommodation. Copley Court comprises two blocks of student accommodation including 37 fully fitted student apartments over five floors and approximately 43,658 sq.ft. (4,056 sq.m.) of office accommodation set over four floors. The two buildings are interconnected and benefit from basement car parking for approximately 60 cars. The office space has been fitted out in part and UCC Architectural College occupy approximately 26,727 sq.ft. (2,483 sq.m.). They are in occupation on a 5-year lease from October 2014 at a current passing rent of 260,000 per annum. The student accommodation is fully fitted to a modern standard and has recently been fully refurbished. All bedrooms are en-suite with built in storage and common areas. There are 100% occupancy levels for the student academic year, followed by short term summer lettings. A strong level of early bookings has already been secured by students for the academic year 2017/2018. Copley Court is located on Copley Street in Cork City Centre. The property is strategically situated adjacent to Cork School of Music, Cork College of Commerce, St. John s College, Cork s Central Business District, 1 Albert Quay office development and the South Mall. UCC, Kent Train Station, Cork Bus Station, the South Infirmary Hospital and the Crawford College of Art and Design are also within a short walk of the complex. PASSING RENT APRIL 2017 Residential Apartments 896,015 UCC Architectural College 260,751 Climbing Co-Op 3,420 Parking 60,720 Total 1,220,906 University College Cork

5 STUDENT ACCOMMODATION Copley Court Student Accommodation APARTMENTS QUANTITY 2 BEDS 2 S 21 4 BEDS 8 5 BEDS 1 6 BEDS 1 7 BEDS 4 TOTAL 37

6 INVESTMENT LAYOUT OPEN AIR RECREATIONAL SPACE GROUND FLOOR Reception & Vacant Office Space - 1, 620 sq m BASEMENT Car Park Total: 60 Spaces BLOCK 2 4th Floor Student Accommodation - 9 Apartments 3rd Floor UCC sq m 2nd Floor UCC sq m 1st Floor UCC sq m BLOCK 1 BASEMENT Car Park Total: 60 Spaces BASEMENT CAR PARK ENTRANCE GROUND FLOOR Reception / Office Space / Cork Climbing Co. 4th Floor Student Accommodation - 7 Apartments 3rd Floor Student Accommodation - 7 Apartments 2nd Floor Student Accommodation - 7 Apartments 1st Floor Student Accommodation - 7 Apartments Lorem ipsum

7 FLOOR PLANS BASEMENT CARPARK PUMP RAMP LEVEL RAMP TO STREET LEVEL SWITCH RM ESB SUB. ADJOINING PR BASEMENT STABLE FLOOR LANELEVEL Plan BASEMENT FLOOR LEVEL D RECEPTION WC WC WC PUMP RAMP RECEPTION SWITCH RM ESB SUB. ADJOINING PROPERTIES NOT WITHIN APPLICATION SITE GROUND FLOOR LEVEL GROUND FLOOR LEVEL Plan Floor plans are not to scale. For indication purposes only.

8 Beam H=2.63 Beam H=2.67 Beam H=2.46 Beam H=2.17 Beam H=2.03 Beam H=2.04 Beam H=2.06 Beam H=2.22 Beam H=2.04 Beam H=2.04 Beam H=2.23 Beam H=2.66 Beam H=2.65 Beam H=2.73m Beam H=2.63 Beam H=2.67 Beam H=2.46 d Ra Beam H=2.17 Beam H=2.7m Beam H=2.17 Beam =2.66 FLOOR PLANS COPLEY STREET Beam H=2.37 Beam H=2.04 Beam =2.69 EDUCATION (SCHOOL OF ARCHITECTURE STUDIO SPACE) 7 BED 4 BED ADJOINING PROPERTIES NOT WITHIN APPLICATION SITE Beam H=2.68 ROOF TERRACE ROOFLIGHT MULTI-FUNCTION SPACE/ CLASS Beam H=2.69 Beam H=2.69 Beam H=2.68 WORKSHOP / MODEL MAKING WC WC WC EDUCATION (SCHOOL OF ARCHITECTURE STUDIO SPACE) SERVICE SEMINAR SPACE/ CLASS Beam H=2.67 Beam H=2.67m Beam H=2.67m Beam H=2.67m Beam H=2.67m 7 BED U 4 BED ADJO FIRST FLOOR LEVEL FIRST FLOOR LEVEL Plan 1:200 COPLEY STREET TION (SCHOOL OF ECTURE STUDIO SPACE) Beam H=2.37 Beam H=3.16 EDUCATION (SCHOOL OF ARCHITECTURE STUDIO SPACE) I.T. TEACHING AREA Beam H=2.70m Beam H=2.69 Beam H=2.68 WORKSHOP / MODEL MAKING WC WC WC TION (SCHOOL OF ECTURE STUDIO SPACE) SERVICE SEMINAR SPACE/ CLASS Beam H=2.67 Beam =2.66 Beam H=2.67m Beam H=2.67m Beam H=2.67m Beam H=2.67m ADJOINING PROPERTIES NOT WITHIN APPLICATION SITE Beam H=2.06 Beam H=2.00 E STOR 7 BED 4 BED F - C 1.10 C - H 1.77 Beam H=2.72m Beam H=2.68 ROOF TERRACE BELOW WC WC WC Beam H=2.70 E MULTI-FUNCTION SPACE/ CLASS EDUCATION (SCHOOL OF ARCHITECTURE STUDIO SPACE) WORKSHOP / MODEL MAKING STOR LIBRARY Beam2.69 Beam2.69 Beam2.69 Beam H =2.7m 1:200 SECOND FLOOR LEVEL SECOND FLOOR LEVEL Plan Floor plans are not to scale. For indication purposes only.

9 Beam H = 3.11 Beam H=2.17 Beam H=2.03 Beam H=2.24 Beam H=2.16 SKY LIGHT SKY LIGHT SKY LIGHT Beam H = 3.11 Beam H=2.17 SKY LIGHT SKY LIGHT FLOOR PLANS EDUCATION (MULTI-FUNCTION/ WORKSHOP) EDUCATION (MULTI-FUNCTION/ WORKSHOP) BED BED Beam H= BRIDGE ABOVE BRIDGE ABOVE PHD PHD ROOF TERRACE BELOW PHD Beam H=2.69 LECTURE/ SEMINAR WC WC WC Beam H=3.10m Beam H = BED 4 BED 3 BED SPACE SPACE ADJOINING PROPERTIES NOT WITHIN APPLICATION SITE ADJOINING PROPERTIES NO STABLE LANE THIRD FLOOR LEVEL MULTI-FUNCTION/ N (MULTI-FUNCTION/ P) PHD BELOW PHD Beam H=2.69 LECTURE/ SEMINAR WC WC WC BED 4 BED 6 BED 4 BED Beam H=3.10m Beam H = BED SPACE SPACE 4 BED ADJOINING PROPERTIES NOT WITHIN APPLICATION SITE 5 BED FOURTH FLOOR LEVEL Floor plans are not to scale. For indication purposes only.

10 GENERAL INFORMATION Patrick Street Cork GENERAL INFORMATION University College Cork WEBSITE Access to the data room is available upon request INCOME A detailed breakdown of the income and running costs are available in the data room TITLE We understand that the property is held freehold. Further information in respect of the title held is available in the data room GUIDE PRICE On application VIEWING By appointment only with the joint sales agents VAT Please refer to data room METHOD OF SALE For Sale by Private Treaty TENURE Tenants not Affected BER CERTIFICATES Full BER details including BER numbers, certificates and advisory reports are available on request from the joint agents and are also available in the data room F

11 AERIAL LOCATION MAP 10 9 WASHINGTON STREET GRAND PARADE 8 6 ST. PATRICK S STREET AERIAL LOCATION MAP 1. COPLEY COURT 2. THE ELYSIAN 3. ST. JOHN S COLLEGE 4. CORK SCHOOL OF MUSIC 5. CORK COLLEGE OF COMMERCE 6. SOUTH MALL 7. OPERA LANE 8. THE CAPITOL 9. RIVER LEE HOTEL 10. UCC

12 COPLEY COURT CORK CITY SELLING AGENTS SOLICITOR Peter O Flynn Managing Director T: E: peter.oflynn@cushwake.ie Siobhan Young Surveyor, Commercial T: E: siobhan.young@cushwake.ie PSRA No: Willie Norse Executive Director T: E: willie.norse@cbre.com Emma Courtney Associate Director T: E: emma.courtney@cbre.com PSRA No: Margaret Ring Partner Rdj Solicitors T: E: Margaret.ring@Rdj.ie Conditions to be noted 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. Cushman & Wakefield Registration Number: