City retail building a shoe-in on market

AGENTS Lisney bring a second Patrick Street, Cork City, retail building for sale this month as an investment, seeking offers of €750,000 for No 121, opposite the Merchant’s Quay Shopping Centre and Marks & Spencers.

City  retail building a shoe-in on market

It follows just a few weeks after they offered the former Quills, at 106/107 Patrick Street for sale, and Margaret Kelleher of Lisney indicates they expect offers shortly on the larger, €1.95m Quills building, by the Savoy Centre facing Debenhams. Interest in the Quills offer is primarily coming from fashion retailers and investors.

A former shoe shop building, in a row of shoe retailers between Lavitts Quay and Drawbridge Street, No 121 Patrick Street is offered with vacant possession. Alternatively, it can be leased at €75,000 pa.

It’s adjacent to the former Black Tie corner building, which has been marketed for sale by Remax with a €1m-plus guide price. No 121 could suit another shoe seller (Skechers are on the lookout in the city centre, having just acquired a unit in Wilton Shopping Centre, see separate story these pages).

Margaret Kelleher and David McCarthy of Lisney say overall condition of the building near St Patrick’s Bridge is excellent. Also near Easons, and by busy bus stops with a particularly strong passing student footfall thanks to the range of schools and colleges around St Patrick’s Hill, it has 3,200 sq ft, with 950 sq ft at ground, and has good prominence from Merchants Quay.

Also newly up to let this week with Lisney is No 39 Princes Street, just vacated by fashion retailer Kerry-based traders Parafin.

It’s adjacent to the recently opened and thriving food store Rocket Man (some wag this week scribbled ‘Coming Soon: Rocket Man 11’ on No 39’s window) and also on the street are the English Market’s main access point, Fat Face and Iago’s, while the Body Shop and Irish Examiner have corner presences onto Oliver Plunkett Street.

Lisney’s Margaret Kelleher guides rent at €55,00 pa on No 39 Princes Street which has a total ground floor area of 155 sq m or 1,660 sq ft, and has extensive display windows and has been recently refurbished. Ms Kelleher says other Princes Street retail arrivals are due to be confirmed later this month. It’s understood at least one of the anticipated new trading arrivals will be a brand new to the region.

* Meanwhile, with investor interest healthy in quality properties in the run up to the expiry of a seven-year Capital Gains Tax exemption on purchases by end 2014, the same agency expects activity on the sale of floor two, River House, Blackpool office and retail park, Cork.

The 6,000 sq ft investment is let to thriving IT firm Xanadu Consultancy Limited, on a ten-year FRI from 2013, with a break option/review to market rent in year five. Current rent is €54,000 pa, and asking price is €590,000, via Margaret Kelleher and Mark Kavanagh of Lisney who say they expect good interest in this sale.

Tenant Xanadu Consultancy is an IT specialist and support hub for companies in the online gaming industry, globally worth some €44bn a year. Xanadu Consultancy moved to River Bank House in January of this year, and is growing employment from 60 to 120, hence the need for the 6,000 sq ft.

* Details: Lisney, 021-4275079

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