Carrig Ard: A Treasure Trove of Potential in Richmond Hill, Cork
In a bustling cityscape that often overwhelms with upscale investments and urban sprawl, Carrig Ard, No 5 Gordon’s Terrace, stands out as a testament to the charm of historical architecture combined with potential for modern improvement. Ideally located in Richmond Hill, Cork, this old house occupies a setting where high-value rents meet the aspiration of homeowners looking for a project that could become a beacon of quality living.
Six Bedrooms and a Rental Income of €3,500
Carrig Ard boasts six bedrooms, making it suitable for a large family or those seeking to convert it into a multi-use property. The property benefits from a monthly rental income of €3,500, suggesting that the house is already equipped to thrive in the rental market.
A Space for Wholesale Improvement
However, this property presents more than just a rental income. The current layout offers considerable room for improvement. The partner company selling it recommends considering a ground-floor redesign focusing on an open-plan concept. Simultaneously, expanding the rear extension could add significant value to the property.
Additional Features and Views
The extra bedrooms could be repurposed into a spacious home office, study area, or even a reception room. For those inclined towards historic touches, a piano nobile could elevate the experience on one of the upper levels, offering breathtaking vistas over Shandon and the northside of Cork.
Sale Agents on Carrig Ard
Áine McLoughlin of AML Property Services handles the sale of Carrig Ard. According to her, the exceptional location is a key selling point.
“It’s exceptional, just a short stroll from Cork city centre, St Luke’s Cross and Patrick’s Street. There’s a fine green area nearby too, Bells’ Field,” she notes.
Backyard Potential
Bells’ Field, known for appearing in the television series The Young Offenders, is located near the property. Locally, Carrig Ard enjoys its own green space, a raised rear garden that slopes down to a high cliff wall. Given the right touch, transforming this green area into a Supergarden-style oasis is entirely possible.
Tips for Improvement
Although the property needs new decor, upgrades, and likely some retrofitting (it currently scores an F on its Building Energy Rating, BER), there are opportunities to secure financial assistance. According to the sale agent, potential buyers can apply for SEAI grants to offset the cost of these upgrades.
Location Advantages
This location is increasingly favored by those looking to combine city amenities with the desire for a personalized home. Richmond Hill is indeed witnessing an uptick in popularity, with investors and homeowners alike recognizing the district’s potential. Even Gordon’s Terrace itself is undergoing a significant upgrade.
Market Analysis
Carrig Ard comes to market with an Asking Market Value (AMV) of €395,000, offering a viable option for first-time buyers. Consequently, it also attracts investors drawn to its substantial rental income.
Conclusion
In conclusion, Carrig Ard offers an unparalleled chance to experience the unique blend of historical charm and modern potential. It’s ideal for those seeking a prime cityside location rich in possibility. However, securing a spot here might require outpacing keen investors. For first-time buyers looking to make a statement with a project, Carrig Ard could be your next dream address.
A first-time buyer would stand to gain immensely from this acquisition, securing a high-value solution in a desirable setting. Despite competition, Carrig Ard remains a compelling prospect.
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