Investors will like the energy at Summerlee House in Tivoli

Behind the good rating is insulation specialist EnviroBead, a company whose property arm, McHugh Property Holdings (MPH), bought the building early last year.

Following a deep retrofit and considerable internal modernising, it’s back on the market now, a smarter home in every respect, from the crisp external paintwork and bright yellow front doors to refreshed interiors, including new kitchens and bathrooms.

“We did external wall insulation - a full building wrap - as well as installing new windows and doors, putting in a new heating system, new attic insulation and new plumbing,” said EnviroBead managing director Brian McHugh.

The building layout was also reworked to create more functional living spaces. The 312 sq m (3358 sq ft) house now consists of four two-bedroom and two one-bedroom apartments, each with an open plan living/dining/kitchen area. Two of the two-bedroom units are duplexes. The potential annual rental income is cited as €130,000, with a 6.8% net initial yield (NIY). There are no rent pressure zone restrictions and the building comes with full vacant possession.

EnviroBead has form in deep retrofitting period properties in the general area – they previously retrofitted Douglas Hyde House, a three-storey period property in Montenotte converted into 15 apartments, now let on a longterm lease  to housing body Tuath. MPH also owns District in nearby Silversprings, a leisure centre which it bought in 2018 and overhauled.

The overhaul of Summerlee House has turned it into the kind of accommodation likely to appeal to professionals looking for an attractive base close to Cork city – it's 2.4km from the city centre – with parking. Each of the apartments (size range 20 sq m – 72 sq m) has own-door access. Mr McHugh said five of the six units have a view, out over the rail line and the River Lee, looking across the river towards the Marina.

Vehicular access is via Woodside, past the Skew Bridge on the Lower Glanmire Road, with pedestrian access at first floor level from Trafalgar Hill (the property is at the corner of Woodside and Trafalgar Hill).

Going back 80 years or so, Summerlee House was home to the Jervis family who rented out rooms intermittently to students attending the “radio school” - a radio training centre for marine operators - at nearby 200-year-old Carrig House, also massively renovated recently by Linehan Construction.

Summerlee House was subsequently subdivided into apartments which looked jaded when MPH purchased them in February 2023, but which have since been transformed, with interiors expert Fi Kearns overseeing the internal look. New flooring, new joinery and fresh paintwork revitalised the interior, while effort also went into restoring some of the period features lost over the years.

“We wanted to marry period features with a modern look,” said Mr McHugh.

EnviroBead’s expertise in energy efficiency meant they knew how to maximise SEAI grants available for deep retrofitting. The company has retrofitted vacant homes on behalf of Cork City Council, and also retrofits properties purchased by MPH. 

MPH has a considerable number of projects in the pipeline around Cork city, including plans for 30 apartments at Dennehy’s Cross (former site of Dennehy’s Cross Motors, currently under appeal at An Bord Pleanála), as well as plans for 15 apartments in Tivoli beside District Leisure Complex, where work is due to start next month. They also have full planning permission for 13 units in Sunday’s Well.

Summerlee House is for sale via Seán McCarthy of ERA Downey McCarthy and he said it represents “an excellent investment opportunity”.

“It’s a terrific waterfront location in an area with strong rental demand and it’s been completely refurbished.

“The site it’s on extends to 0.06ha (0.15 acres) and it has a secure gated entrance with parking for six cars,” the agent said.

The property comes to market with full vacant possession.

MORE DETAILS: Seán McCarthy Tel: 021490500 Email: sean@eracork.ie