Cork retail unit on Patrick Street to let

A primely-set Patrick Street retail unit, being vacated by long-established fashion chain French Connection, is up to let with a reverse premium incentive offered to a new occupant.

Currently over-rented, and held on a 25 year lease from 1998, No 86 has just over 1,130 sq ft at ground, and a further 2,000 sq ft overhead. There’s a passing rent of €295,000 and French Connection will consider paying a reverse premium or offer a sub-let to a new occupant.

The bow-fronted, profile building 86 Patrick Street has display windows and access also to trendy Careys Lane and was for many decades known as Guinness House, the Cork city presence of the brewing giant.

After Guinness relocated to Union Quay, the corner-set building was let to the 1970s-founded French Connection UK which has over 130 stores in the UK and internationally, as well as six in Ireland.

For a period French Connection traded under the controversial FCUK logo until the mid-2000s, and is reported to be considering returning to the crude acronym.

And, now in Cork, it is returning, or at least concentrating, its Munster presence in its existing other Cork outlet at Unit 44 Mahon Point Shopping Centre, vacating 86 Patrick Street after almost 18 years.

Its move paves the way for a new presence close to SuperDry, and the new Capitol retail centre under advancing construction: among those keen to get into Patrick Street/Capitol is Zara, also in Mahon Point and looking for a large Cork city presences, larger than that being offered at 86.

The streetscape also is being shaken up by the imminent redevelopment and extension upward and outwards of Penneys, which means relocations for some traders such as Tiger, Jack and Jones and others in a block including Cook Street and Oliver Plunkett Street.

Agent Mandy Daly and Aidan McDonnell of Colliers are seeking to dispose of the leasehold interest in 86 Patrick Street.

It’s held on a 25 year lease with five yearly review from August 1998: they offer a “substantial reverse premium to a suitable assignee,” and will also discuss sub-let options. The current lease terms will expire in 2023.

DETAILS: Colliers 01-6333700