The Elysian, Cork City

S

studio.jk

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Hi all,

Anyone buying/considering buying here? Saw the show apartments recently and was quite impressed - like the idea of being right in the heart of the city - but the prices seem way over the odds at the mo. Anyone else got any opinions on this nexk of the woods....or for that matter does anyone know if any of the apts are selling - not sure if I'd like to be the sole occupant of a 18 storey tower!!
 
Who thought of this name?? Though the irony is wonderful. Was it named specially to mark the death of the Irish property boom?
 
I understand that the second largest apartments is being sold to the owners of Isaacs Restaurant for 1.8 million (this information was in the Property Examiner a few weeks ago) - a couple with grown up children. I wonder if they got a discount for confirming in public that they are moving in there?!
I took a tour of the apartments myself a few weeks ago, (purely out of curiosity), and was hugely impressed with the architecture and fit out - I think there are a lot of fresh and clever ideas. But the prices are high. The smallest one bed is €375,000. And the management fees range from €2000 to €4000 based on square footage. I can imagine that's going to rise over the years. I expect the large apartments near the top of the tower will sell but I reckon they will struggle to sell the smaller ones. I asked the agent what sort of rent they would achieve and was told that it was expected to be around €1900 for a two bed. Considering you can get a nice two bed around the city centre for about €1100 to €1200 I can't see how these would be attractive to an investor? It is a super development and these apartments would have been snapped up a few years ago - it will be interesting to see how it goes for O'Flynns.
I wonder will they employ someone to go around turning on lights at night as time goes on as if someone was living there? It's painfully clear at the moment that the building is empty!
 
a few of them were let a few months back afaik (4 or 5) and for some reason the agents dotted the tenants around the complex ensuring the maximum expenditure on lighting/heating common areas. From what I see driving past even these few units seem to vacant again now.
 
My mom was in there recently for a tour (open to the public for heritage week?!) and was told 50 of them are inhabited. but the asking price on a small one bed hasnt shifted as she was told the one beds are looking for 375. It would be a fab place to live tho!
 
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