Buyers to bite at home of the whopper

ITS sheer size will ensure that institutions come back into the fray in the tender bidding process for a prime retail investment on Cork’s Patrick Street.

Nos 51/54 Patrick Street are being sold off by Green Property (as revealed in this paper on February 6) with a confirmed price guide of 15 million.

Retail investments have continued to be the strong point of the Irish commercial property market in the past two years, and strong interest can be expected in this key location investment.

T he building, previously Grants and Liptons, has been owned by Green Property since 1978, and they bought an adjoining property to allow it be linked to the thriving English Market behind.

The property has scope for an upgrade, particularly in its Market Parade section. Rent is currently about 500,000 and will grow strongly after reviews. Top rents currently come from Burger King, paying 203,000 and due for review later this year, Claire’s Accessories, paying 79,000 and due for review shortly, and Here’s Health, paying 72,000 due for review in 2004.

Margaret Kelleher of Lisney is handling the sale by tender, and while private investor and consortium interest is going to be strong, she says there will also be institutional investment activity.

Green Property has also just sold two Dublin retail investments (through CB HOK) at Castle Street market/William Street/Drury Street, making over 12 million with a private investment trio, and a Henry Street property has sold for 7 million, just over its price guide.