Investing in Mall ware

Further office sales and investments beckon on Cork city’s South Mall traditional offices heartland, hot on the heels of a building investment sale by Allsops last month, for €1.4million.

The sales, and offers, come at a turning point in time for the South Mall, as professional and commercial activity picks up. Any new presences on the street at new, more affordable prices will help shape this historic business boulevard’s future profile and uses.

Understood to be under advanced negotiations at €3m-plus as an investment is Hibernian House at 80A South Mall, which has a rent roll of €207,000 pa, 80% paid by Government tenants, and with just half of the c 80,000 sq ft currently occupied. It had a guide price of €4m via Downing Commercial, who’ve declined to comment on the progress of the sale. The agreed sale at 80A comes just weeks after Allsops successfully sold Nos 57-59 South Mall at auction for €1.4m, with just one bidder. Previously offered at €1.5m with a South Mall agency, Nos 57-59 has 14,500 sq ft with a rent roll of €164,500 from three tenants, and has car-parking at nearby Margaret Street earning €22,500 per annum.