€1.2m for Emmet Place Costa Coffee building
On a plaza shared by Cork’s Opera House, and facing the Crawford Gallery, Opera Lane retail boulevard and Dunnes Stores’ city ‘super-store’, the striking, corner-set No 5/6 Emmet Place links back to No 16 Drawbridge Street, and has a floor area of 2,220 sq ft.
Selling agent is David McCarthy, of Lisney, who says it is fully tenanted and earns €109,000 per annum from the two lets. The ground floor is let to Costa Coffee, under a 25-year lease from October, 2009. The second floor is let to Aroma Restaurant, under a 35-year lease from August, 1989.
The €1.2m price puts the building/investment within reach of a wide spectrum of purchasers — with the lure of a 9-10% yield — and Mr McCarthy describes it as a prime commercial investment.
“Demand for well-located, commercial investment properties continues to be buoyant and there will be strong demand for this property, with a number of enquiries already taken,” he says.
Nearby traders include Luigi Malones, Topshop, River Island, H&M, Kilkenny Shop, Dunnes and an emerging ‘bo-ho’ quarter of vintage shops, along Drawbridge Street, with several Emmet Place linkages back to Patrick Street.
No 5/6 incorporates a feature turret, with dual street frontage, to Drawbridge Street and Emmett Place.Lisney are selling by private treaty.
* Meanwhile, Nick O’Connell, of Lisney, is selling a retail unit in The Mall, part of the large O’Brien and O’Flynn residential development, Maryborough Woods, in Cork’s suburban Douglas.
The 2,240 sq ft, self-contained, ground-floor unit (pic,left) was previously let to Mace as a convenience store and has a kitchen and food-prep area. Neighbouring occupiers include Douglas Yoga Centre, Pathways Childcare and The Maryborough Clinic. The price for this unit is €125,000.
Lisney 021-4275079
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