From €350k to €34m - Gap in property values on busy Cork street

From €350k to €34m - Gap in property values on busy Cork street
43 Paul St

It can be hard to keep in step with the neighbours, can’t it?

Right in the footsteps of the €350,000 sale of a Cork city centre building at 43 Paul St comes the offer of the place directly next door, at almost 100 times the price, a fancy €34m.

And herein lies the rub, in this mis-matched property pairing.

The 1,580sq ft €350k Paul St property is being vacated by a private chiropodist’s clinic, while the one next door, at the junction between Paul St and Half Moon St, is 75 times bigger, at 120,000sq ft. And, it is anchored by a flagship Boots pharmacy at ground level, and occupied by tech giant Apple Europe in offices overhead.

Even the rent on the multi-tenanted and mixed-use Half Moon St sale ‘next door’ at €2.6m a year (see story on page 19) dwarfs the sale value on No 43 Paul St, many times over.

Just sold to a local trader for €350k is the traditional mid-terraced No 43 Paul St. It will be owner-occupied, says estate agent Dennis Guerin, of Frank V Murphy & Co auctioneers, who had been seeking a price closer to €420,000 for the three-storey, older era building.

Its new occupier can now expect well-heeled activity, once the Half Moon St €34m investment sale finds its stride.

Meanwhile a final shoe-in is the sale of a former Cork city shoe shop, O’Connor’s, at 57 Oliver Plunkett St, with just about 1,100 sq ft and which has gone “sale agreed” with the same estate agent for over €300,000.

Details: Frank V Murphy & Co, 021-427420

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