Just sold is the corner building at 125 Patrick Street, for years the Blacktie dress hire presence in Cork city centre. Before that it was for decades a bar, the Swan and Cygnet.
No 125 is directly opposite Merchants Quay shopping centre, overlooking St Patrick’s Bridge, and up towards St Patrick’s Hill, for the repeat value of the name and day that’s in it.
It has been acquired by a private investor for €840,000: it was floated for sale a year ago at a guide of €800/850,00 last year by Seamus Costello of DTZ Sherry FitzGerald, having been paraded by other estate agents prior to that at as much as €1.35m.
“The sale has just closed, and it’s yet more good news for Patrick Street and this end of it in particular as the Capitol cinema site work gets underway at the other end, as Merchants Quay Shopping Centre prepares to upgrade and Penneys is set to double its presence on the street,” says Mr Costello. He said the new owner is a private investor who saw off interest from others, including would-be owner occupiers.
At peak, Blacktie had 17 Irish outlets, and closed after 25 years in business: its former St Patrick’s Street shop has 2,695 sq ft over four floors and, even if it’s not in the most trafficked part of the street, it’s profile is significant.
“There’s advertising profile to be had in this corner property, 24/7,” says the agent....rather knowingly, and probably reluctantly, as the wrap-around DTZ banners and Sold sign will be down when the hunt for a new tenant starts.
Lidl things mean a lot, could be the experience of Coldwell Banker Commercial agent Colm Lundy. He has just sold a Dublin retail investment at 119 to 121 Thomas Street Dublin 8 for over €6m to the German retail chain who are one of the property’s three shop tenants.
Ironically, Mr Lundy negotiated the rent for Lidl in a previous professional capacity: he was property director for Lidl, responsible at the time for locating sites for Lidl’s arrival and expansion in Ireland. He was appointed commercial director of Coldwell Banker Commercial in October last year, and has 25 years experience in the the Irish property market.
Now, in his new role he has sold the Thomas Street investment to his former employers Lidl, who’ll get the benefit of ownership, and scope to expand, as well as the investment share of the balance of the €480,000 rent roll.
The property, close to the junction with Meath Street as well as James Gate and Christchurch, has three ground floor retail units, a seven-bay limestone fronted ground level store let to Lidl, plus Spar and Euro Giant producing a total passing rent roll of €480,000 per annum, with Lidl reportedly paying c 60% of that.
Admitting to a sense of deja vu, and dealing with Lidl from the other side of a deal, Mr Lundy said “it was a very attractive investment offering and there were several interested parties. We are seeking similar investment opportunities for some very disappointed under bidders.”
: Coldwell Banker Commercial 01-4110012