Property Description

ERA Downey McCarthy are delighted to launch to the market this centrally located investment property - tenants unaffected.

Oscars Hostel is located on the north-east side of Cork city centre. More specifically, it occupies a prominent position on the corner of Lower Glanmire Road and Grattan's Hill. This is a central location adjacent to Kent Station, with a strong profile directly onto one the cities main thoroughfares. Neighbouring properties include a mix of residential, commercial and leisure occupiers.

The property comprises a four storey end-of-terrace building of traditional construction with plastered elevations and a pitched slate covered roof. The entire was fully renovated in 2013 to include refurbishment of heating system, kitchen, en-suite facilities and roof. It was also redecorated throughout and is fully planning and fire compliant for its present use as a residential hostel.

The entire is presently occupied under a 15 year lease from July 2020 producing an annual rent of €48,000. The lease incorporates a stepped rent for the first five years and five yearly rent reviews to market rent thereafter.

Accommodation
Ground Floor:
Living/Dining Room - 30 Sq. M.
Kitchen - 14.5 Sq. M.
Washroom - 6 Sq. M.
Guest Room - 13 Sq. M.
Office - 6.1 Sq. M.

First Floor:
Bedroom 1 - 13.19 Sq. M.
Bedroom 2 - 8.62 Sq. M.
Bedroom 3 - 7.5 Sq. M.
Bedroom 4 - 8.11 Sq. M.

Second Floor:
Bedroom 5 - 13.19 Sq. M.
Bedroom 6 - 8.62 Sq. M.
Bedroom 7 - 8.11 Sq. M.
Bedroom 8 - 7.5 Sq. M.

Dormer Level:
Bedroom 9 - 15 Sq. M.
Utility Room - 12.75 Sq. M.

Features
Occupied under 15 year FRI lease from 01/07/2020
Present rent €48,000 p.a.
N.I.Y. 6.87%
Fully fitted and presently trading
Approx. 235.47 Sq. M. / 2,535 Sq. Ft. in total
Built in 1900 and renovated in 2013
Brand new roof in 2013
Brand new windows to the front installed less than 12 months ago
Brand new Oscars Hostel signage installed in late October 2022
Front of building freshly painted in early 2022
New gas boiler
All furniture and appliances included in the sale
BER E1
Electric heating via the energy saver Rointe radiators
Superbly appointed and refurbished to the highest standard
9 bedrooms all with en-suites
Full planning / Fire Certification
Parking available
Fully alarmed
Fire alarm
Special fireproof glass installed between kitchen and hallway
Security cameras
Swipe entry card system
Games room
Parking

BER Details
BER: E1
BER No.104668306
Energy Performance Indicator: 313.61 kWh/m²/yr

Directions
Please see Eircode T23 C2H7 for directions.

Disclaimer
The above details are for guidance only and do not form part of any contract. They have been prepared with care but we are not responsible for any inaccuracies. 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. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. The details are issued on the understanding that all negotiations on any property are conducted through this office.

BER Details

BER No. 104668306

Energy Performance Indicator: 313.61 kWh/m2/yr

This property was last updated: 25 days ago