Check out two offerings

A CHANGE of retail brand is on the cards, with the planned €4m sale of a modern supermarket in Cork harbour town, Passage West.

The purpose-built and practical shaped shop unit was opened in 2008 by developer and Wilton Shopping Centre purchaser Joe O’Donovan, who redeveloped a former Skoda garage site on the entrance to the town — back around the time Howard Holdings had a €250m development planned for Passage West, along with further shopping.

That harbour docks scheme never progressed as the market collapsed and the development tide ebbed, but this new-build opened, trading as a Eurospar and with close on 50 jobs.

Now, it’s up for sale, via joint agents Casey and Kingston and DTZ Sherry FitzGerald, who say the very saleable 17,000 sq ft business premises should excite bidding from rival retailers.

They expect the likes of German retailers Lidl and Aldi to consider setting up shop here, as well as Tesco, and Musgrave brands like Centra/SuperValu may also have an interest.

It’s an asset offering that will test the strength (or weakness) of the market, suggests Frank Ryan of DTZ, who says “the pending sale of this modern supermarket premises at Passage will certainly fall within this category. This is a strong retail asset on a prominent site with major road frontage.”

He points to the population catchment, site size and ease of parking, the profile and entrance appearance, matched by a fitted supermarket within, and adds that it’s available for immediate trading.

It is a regular 17,500 sq ft building with service yard, and potential for ancillary retailing within the two-three externally accessed shops with 3,800 sq ft there.

The supermarket retailer has the option to let these latter retail units or they have potential to trade, linked to the supermarket, for specific uses such as pharmacy, off-licence, etc.

The joint agents say the expected level of interest may culminate in a ‘best bids’ situation, and while they don’t formally quote an AMV, it’s expected to top €4m.

The same joint agents also have the sale of another retail investment, on the Kerry side of Macroom town, 25 miles from Cork city.

The long-established convenience store, also believed to be associated with Mr O’Donovan, is “an excellent business opportunity” given volumes of passing traffic, says Seamus Costello of DTZ Sherry FitzGerald, seeking offers around €395,000 for the 3,100 sq ft store, with 2,000 sq ft at ground level.

Details: DTZ Sherry FitzGerald 021-4275454

Casey Kingston 021-4271127