Watersedge in East Cork – A good investment with room for growth
Watersedge, guiding in excess of €7.75 million exclusive, is a prime investment opportunity located in the heart of Midleton, Co Cork. For more details, contact estate agents Cushman & Wakefield.
With a housing crisis at play and the viability of building apartments a challenge, Watersedge, a mixed-use residential and commercial development with a guide price of €7.75 million comes to the market for sale in the busy suburb of Midleton in East Cork.
From an investor’s perspective, Watersedge will appeal to investors seeking residential and commercial developments with attractive asset management opportunities. Accommodation includes 36 two or three-bedroom apartments, a McDonald’s drive-thru restaurant and over 33,000 sq ft of commercial space.
Watersedge is guiding more than €7.75 million exclusive. The current combined annual income of €569,544 per annum exclusive is core to its appeal to investors.
The 36 fully occupied two-bedroom and three-bedroom residential apartments alone are producing a current rent of €487,044 per annum. The McDonald’s drive-thru restaurant is in occupation on a 35-year lease from March 2004 at a passing rent of €82,500 per annum exclusive.
“The Watersedge investment delivers immediate rental income from the McDonald’s drive-thru restaurant and the 36 fully let residential apartments in the order of €569,544 per annum,” says Sioban Young, divisional director with sales agents Cushman & Wakefield, representing the vendors.
“In addition, there are considerable asset management opportunities that will grow revenue in the scheme. The upper floor vacant commercial units are suited to a change of use for residential apartments and the letting or amalgamation of the ground floor commercial units will appeal to both independent or large box commercial, retail or medical operators.”
In all, Watersedge comprises 3,105.6 sq m (33,429 sq ft) of vacant commercial space arranged over ground, first and second floor. The majority is in core condition except for a former pharmacy and stationary shop providing asset management and change of use opportunities.
The four blocks included in the sale comprise; Riverside, Watersedge, Mogeesha and Enterprise House.
The first block, Riverside, is home to McDonalds on the ground floor plus two commercial units on the first and second floors. The first floor has independent street-level access as well as passenger lift access to the upper floors. It is suited to a change of use for residential use or alternatively gastro pub, office or leisure uses.
Watersedge is the second block, connected to Riverside via the shared passenger lift core. Watersedge comprises a former pharmacy and stationary shop in the ground floor commercial units, first floor owner-occupied commercial units, not included in the sale and four two-bedroom apartments on both the second and third floors.
Mogeesha is the next block providing large ground floor commercial units plus seven three-bedroom apartments and eleven two-bedroom apartments across the first, second and third floors with six apartments per floor.
Enterprise House is the final block of accommodation, occupied by Aldi at ground floor level. Aldi is not included in the sale and is owner-occupied. All tenants and occupiers of the development are not affected by the sale. Enterprise House has four commercial units at first floor level that were partially fitted out and are suited to change of use to residential, subject to planning permission. There are three two-bedroom apartments and two three-bedroom apartments on the second and third floors with five apartments per floor.
Along with its four blocks of mixed-use residential and commercial units, Watersedge also has extensive surface and multi-storey car parking available on site for both residential and commercial occupiers.
Watersedge is located next to Lidl in the centre of Midleton. It has frontage to Riverside way, next to the Main Street, across the Owennacurra River.
“With the exception of McDonalds, the commercial units are generally in core and shell condition throughout,” says Sioban Young of Cushman & Wakefield. “The vacant commercial units provide the attractive option to add value to this investment asset and to increase rental income.
“The commercial units located at first and second floor level provide a good opportunity to obtain a change of use for residential occupation, subject to planning permission. The ground floor units are suited to amalgamation to provide larger floor plates which can attract stronger tenant covenants.”
The horizon for this well-positioned investment opportunity, close to Midleton main street and Market Green is further enhanced by significant investments and development in the area including new residential estates, commercial investment and transport updates.
For generations, the thriving retail and cultural hotspot of Midleton has enjoyed an enviable reputation as a destination of choice for everyone from day trippers to people looking to relocate for lifestyle reasons.
Midleton now finds itself at the centre of a region earmarked for development, the prime focus of a national plan to nurture outposts that can ease the pressure on Dublin’s resources and to grow Cork and it’s suburbs.
Midleton is in East Cork, 15km from Little Island, 23km from Mahon and 25km from Cork city centre.
Local enterprise includes the Midleton Distillery, Midleton Park Hotel, Market Green shopping centre and retail park, several car showrooms, Aldi, Lidl, Tesco Superstore, SuperValu and the Gate Cinema.
And at the heart of all of this sits Watersedge, conveniently located in Midleton town centre, just 250 metres from the Main Street. For more information on Watersedge, visit www.watersedge-investment.com
Managing Director, Cork
T: 086 250 3944
E: peter.oflynn@cushwake.ie
Divisional Director
T: 087 185 4274
E: siobhan.young@cushwake.ie
