Top business location with solid tenants

AN investment with a hot business address is to be offered for sale for close to €8 million.

Gardner House, a six-storey office block at 1, South Mall, in Cork city, is being sold by its Dublin consortium of owners.

Not only is the business address stellar, the list of tenants is high-calibre too.

It includes Price Waterhouse Cooper, Royal Liver and Royal Sun Alliance, and latest arrivals estate agency Lisney, which is now jointly charged with the sale of the property along with agents Davin of Dublin.

Facing City Hall, the 1960s building is at the eastern end of South Mall, Cork’s traditional business district, and is well poised to act as a bridge between the Mall and the city’s emerging new business district in the docklands and hinterland.

Price Waterhouse Cooper’s space at the property is held on 35 year leases, due to expire in 2022.

Rent reviews next year are expected to push annual income from €325,835 to over €430,000.

Guided at €7.5m-plus, this represents a net initial yield of 3.9%, and a reversionary yield of 5.24%.

The price guide puts the opportunity within reach of individual investors as well as of consortia.