Lancaster Gate, Lancaster Quay, Cork
Lancaster Gate, an upmarket apartment development built on a strategic site at the western side of Cork’s city centre adjacent to Cork’s Jury’s Hotel, recently renamed The River Lee Hotel. A prime location close to UCC, Bon Secour Hospital, Mercy Hospital and a short walk from the main retail thoroughfare.
Savills was engaged as sole agents initially to advise on the design and layout of the residential accommodation, to sell the apartments and later to let a number of units which the client retained.
O’Callaghan Properties are synonymous with innovative and progressive retail and residential development in Cork and Dublin. Most recently they invested €500 million and have created over 200,000 sq.ft of retail space in Cork City Centre in Opera Lane which also includes a residential element.
Initially we attended design meetings with a team of architects, quantity surveyors and engineers. Once planning was achieved a full marketing plan was set out which included full riverside hoarding signage, newspaper advertising and brochure design.
Being very aware that the market was showing signs of slowing in mid 2007 we recommended a low key launch with personal viewings by appointment only and took a less aggressive approach that would have been typical in the years previous, resulting in nearly 40% of the scheme being sold in year one.
How We Added Value
At end of year two, sales had slowed due to the inactivity in the Irish market generally. Savills recommended offering a number of units available for rent as demand had increased for rental units due to lack of available finance and uncertainty in the market. This resulted in very strong take up of the remaining units. Rents achieved averaged at €1300 for 2-bed apartment.
Lancaster Gate is now fully occupied.
+353 21 427 1371