Four-storey is a must-go alongside Cafe Gusto

Top TV entertainer and broadcaster Graham Norton spent some of his UCC college years living in a bedsit on Cork’s Washington Street above what was then O’Brien’s Ice Cream Parlour.

Now, without a hint of irony, that star-touched building’s ground floor is now occupied by a restaurant called Gusto, and it neighbours an investment building newly up for sale.

New to market is No 4 Washington Street, an entire building which has travel company Paddywagon in as the latest tenant at ground floor level.

Agent Paul Hannon of Lisney guides the 4,400 sq ft No 4 at €450,000, and says it’s capable of producing an annual rent of €54,000 (estimated on current rents), or an 11% return.

Located close to the junction with Grand Parade (and near Patrick Street) it’s a mid-terrace four storey building plus attic with retail/restaurant ground floor, overhead offices and two apartments, is currently 80% occupied, with short lease terms.

The main ground floor lease is to Paddywagon Ltd, paying €9,000 pa on a lease expiring in 2018.

“This is an excellent opportunity for an investor to acquire a well located, substantial mixed commercial/residential property ahead of the Capital Gains Tax incentive deadline at year’s end with a potential to increase its rental income and investment return,” notes Mr Hannon.

Details: Lisney, 021-4275079