Building offer adds up to a good proposition

ONE of Ireland’s top ten accountancy firms, Moore Stephens Nathans, is to sell its Cork HQ — a former Bank of Ireland premises on the South Mall — on a new 12-year lease and at a rent of €180,000 pa.

The firm has a staff of 120 in Cork and Dublin and is actively recruiting in both cities, has ten directors, and has just recently made new partner changes and strategic reviews which prompted the proposed sale at South Mall.

No 83 South Mall goes to market this week to investors via agents Isobel O’Regan and Niall Guerin of Savills, who seek €2.1 million exclusive, offering an initial yield of 8.1% to its new owners.

The refurbished building, acquired by the accountancy firm in 2009 from law firm James G O’Mahony (who in turn had bought it from B of I in 2001,) is 15,000 sq ft gross or a net internal floor area of approx. 11,330 sq ft, air-conditioned over five floors with lift access to the upper floors, with raised access floors to the modern element of the building behind.

Savills say the sale gives the chance to invest in a landmark property in Cork’s exclusive and historic business district, with blue-chip long-term tenants in Moore Stephens Nathans.

The firm, which had relocated to South Mall from Lavitts Quay offices, is a strong player in the Irish accountancy industry, especially in the SME sector with niche indigenous markets, and sees growth potential in a recovering economy.

“As part of its ongoing strategic planning process, Moore Stephens Nathans is now disposing of its interest in 83 South Mall as is looks to continue to execute its growth strategy and reposition the business model to benefit from the more benevolent environment,” said a spokesperson for the firm.

Last sold for a reported €5.5m and subsequently expensively upgraded and refurbished, the building No 83 is now let on a new lease for a term of 12 years with a break in year 10 at a rent of €180,000 pa.

Likely to have a broad investor appeal, the quality office building in Cork city’s central business district heartland is guiding at €2.1m, exclusive, and both covenant and lease terms “will be attractive to investors at a initial yield of 8.2%,” says Ms O’Regan.

Details: Savills 021-4271371