Park your money in the Cork car park

WHAT will €750,000 bring in motorists today? A fleet of 25 mid-value family cars, covering brands such as Nissan Leaf, Skoda Octavia, Mazda 3, Kia Sportage or compact Audi A1s?

Or, the same kind of sum – €725,000 – roughly – will buy you just the spaces to park 25 cars of any size or shape, on part of the fifth floor of the multi-storey car park in downtown Cork, at Union Quay.

Of course a nice touch, it comes at a time when street-level parking spaces are being compressed in the city center to make way for pedestrian streets or cycle lanes.

car park: Lisney agents guide €752,000 for 25 rooftop car spaces, bringing in €52,388 a year” title=”Revenue stream attracts investment in Union Quay car park: Lisney agents guide €752,000 for 25 rooftop car spaces, bringing in €52,388 a year” class=”card-img”/>
Revenue stream attracts investment in Union Quay car park: Lisney agents guide €752,000 for 25 rooftop car spaces, bringing in €52,388 a year

For sale from Lisney Estate Agents is part of the open-air 4A top floor of a private multi-storey car park on Union Quay.

It was built over 20 years ago as a tax development by Howard Holdings, who also built car parks at Grand Parade and Wandesford Quay.

Here at Union Quay, the 25 spaces are rented out and bring an annual income of €52,388, or just over €2,000 per year (€40pw) to the owners of the investment. The spaces are rented at rates of €1,800 to €2,500 per year, with new rentals at the top of the range, around €2,500 per year.

The offer follows the sale of 75 other top-floor spaces around four years ago, which brought in around 1.6 million euros. Only 20 of the 75 have been let, with 55 available: at that time the sales agents (Savills) said the investment had an income of €33,000 per year on the 20 spaces, but a higher return of €100,000 was possible once the new leases were concluded. agreed.

The multi-level Union Quay car park is multi- or multi-owner car park and is the largest private car park in the city, operated by Union Quay Car Park Management, with 24-hour access and is now almost fully occupied.

Streetwise investment: parking investment at Union Quay, level 4A
Streetwise investment: parking investment at Union Quay, level 4A

Constables David McCarthy and Johnny McKenna of Lisney say Union Quay is a popular car park with easy access to the South City Link Road, and the main commercial thoroughfares and users include a number of businesses on the South Mall, as well as the Imperial Hotel.

A new hotel is currently under construction across the river on the former site of the Moores Hotel, while the City Council plans to improve the frontage to the River Lee along Morrisons Quay/Morrisons Island and to remove existing parking spaces: this follows the removal of a number of parking spaces on the South Mall last year to extend cycle lanes, while the street between the South Mall and Oliver Plunkett Street intensified pedestrian use only after Covid 19, removing other spaces for cars.

The property offer includes 25 parking spaces on level 4A of the purpose-built multi-storey car park at the corner of Copley Street and Union Quay with vehicle access from Copley Street and pedestrian access from Union Quay, with lift and stairs to upper floors.

A new hotel and offices are being built on the former site of the Moores Hotel on Morrisons Island
A new hotel and offices are being built on the former site of the Moores Hotel on Morrisons Island

UCC is planning a new downtown business school/campus, accommodating up to 4,000 students, on the former Brooks site facing the Union Quay car park across Copley Street, and also very close are the School of Music on Union Quay and the District Court by City Hall on Anglesea Street. The Cork College of Commerce is also directly across the South Lee Canal, via the Nano Nagle Pedestrian Bridge.

Sold to private investors, these 25 spaces are fully leased “to a number of different occupants under license agreements and leases,” says McCarthy.

Guiding €725,000, the asset is currently bringing in a total gross income of €52,388 per year, exclusive. “This is an excellent opportunity to acquire a compact and easy to manage investment with secure rental income with the potential to further increase existing income through asset management,” he adds… at a time when average new car prices have now exceeded €30,000. mark, the average price of an elevated parking space in Cork City.

Details: Lisney 021-427507

Comments are closed.