The Elysian, Cork
The property comprises an iconic residential development located in the heart of Cork City Centre. The landmark 17-storey tower on the southwest corner of the site is the tallest building in Ireland at over 68 metres and provides stunning panoramic views over the beautiful Cork City.
The scheme is one of Ireland’s finest and most distinctive residential developments and is situated on a prime three-acre site incorporating 206 high-quality apartments, 6,280 sq m (67,600 sq ft) of mixed commercial and over 550 car parking spaces, in addition to an impressive one-acre private enclosed landscaped garden.
In 2016 Lisney was appointed by Blackstone to lease 170 high quality apartments, duplexes and penthouses at The Elysian Eglinton St Cork. We advised on the finishes, décor, strategy and phasing and all units were let over a 15 month period.
In 2017, Lisney was appointed as joint selling agents and property advisers by Blackstone on the sale of the Elysian. At this time the stunning mixed-use scheme with virtually full residential occupancy and a gross income of approximately €4.8 million per annum, represented an opportunity to acquire an Irish trophy asset in a prime city centre location with significant growth potential.
The sales campaign involved offering the property for sale by Private Treaty to a select number of potential purchasers in an off-market process. The level of interest in the asset resulted in the culmination of the sale by a two-phase bidding process. There was an abundance of international and indigenous capital chasing the asset. The property was sold successfully for a figure in excess of €85 million to Kennedy Wilson.