Commercial property buyers have the chance to place an enticing item in the shopping basket as Cork’s renowned Paul Street Shopping Centre has come on the market.
Savills has been appointed agent for the sale of the iconic building, which occupies a prominent position in Cork City centre.
Paul St runs parallel to St Patrick’s Street, with numerous access points along the historic streetscape, such as French Church Street and Carey’s Lane.
“It is rare to have the opportunity to acquire a high-yielding investment of this calibre in the city centre and at a guide price of €3.65m it represents a net initial yield of approximately 9% which should be attractive to investors,” said Isobel O’Regan of Savills.
The property is a two-storey retail development constructed in 1984 by O’Callaghan Properties and is immediately adjacent to the only Tesco footprint in the city core as well as one of the busiest car parks in the city.
It incorporates 19 independent retail units with some ancillary storage space and current income is approximately €367,000 per annum, according to Savills.
The tenants will not be affected, adds the selling agent.
The immediate environs is a hirve of activity linking Opera Lane, St Patrick’s Street, Half Moon St and Cornmarket St representing what is among the best of retailing in the city centre.