HIGH-profile buildings are not cheap — Downing Commercial and Dublin agent, JLL, are seeking private treaty offers of €4m for Hibernian House, no 80A South Mall, one of the largest office blocks to come on the market in Cork’s traditional business quarter.
With a 60% rise in take-up of offices in Cork since 2012 levels, and a shortage of grade A office buildings over 3,500 sqm in the city centre, this prime, six-storey building is being touted as a superb investment.
Let in part to blue-chip government agencies, no 80A South Mall is an income-producing asset, with 38,185 sq feet of space over six storeys and an income of €210,450 per annum. That figure is from four, separate tenancies — with 83% payable by the Department of Agriculture and Legal Aid Board, who occupy two floors.
Constructed in the late 1970s, on the footprint of the Cork and County Club, the building retains its Victorian Italianate facade, which dates from c1825. The ground, third and fourth floors are fully occupied; the first, second and fifth are vacant.
The property, while in need of refurbishment, is well set to cater to increased demand in the city centre office market, says Declan Hickey. The layout provides for smaller, sub-1,500 square foot floor plates to the front of the building, with larger, 5,000 sq ft to 7,000 sq ft offices to the rear. There is potential to redevelop the building in one fell swoop, or on a phased basis, due to the short-term leases.
The South Mall is Cork’s most prestigious business address and is home to major financial and professional services firms.
“This is the first major building, with realistic asset management/refurbishment possibilities, to come to the market in the prime city centre in recent years,” says Declan Sexton of JLL. “The property is for sale by private treaty, at a guide price of approximately €4m, which reflects a capital value of around €105 per square foot.”
Meanwhile, University College Cork is to establish a city centre presence on the South Mall. It is leasing No 13, South Mall, previously occupied by Bank of Ireland Finance, and owned by the bank, on a short-term lease.
The college intends to use it to establish a ‘competence centre’ to link with business and other groups, to have city centre meeting rooms and support services, and to provide a public face for UCC on a busy city street.
Details: Downing Commercial, 021-4271000; JLL, 01-6731600; email@example.com; firstname.lastname@example.org; email@example.com