A good time to buy on Cork's historic South Mall, says agent purchaser

An estate agency firm established 10 years ago has bought an historic, South Mall building in the heart of Cork’s Central Business District for its own office use, and as a part-investment on its upper floors.

Thu, 25 Aug, 2016 - 01:00

Tommy Barker

Just sold, in a confidence-displaying off-market deal likely to be worth between €600,000 and €700,000 is No 50 South Mall, dating to 1800, a listed structure and considered as being of architectural and artistic interest.

Across the South Mall from bar/restaurant Electric, the four-storey c 5,000 sq ft mid-terraced Georgian building has been acquired by Jeremy Murphy of Jeremy Murphy and Associates, who currently trades from 15 South Mall.

A fit-out and branding is to start in coming days at No 50 and it will be occupied from September.

It was previously the offices of long-established law firm MJ Horgan, with a legal pedigree going back to the 1870s: that partnership dissolved in 2009, with most of the firm’s then-partners going on to operate as James Riordan & Partners.

The firm James Riordan & Partners moved from No 50 to No 89/90 South Mall in 2014 where it took on larger, 7,000 sq ft in the former Norwich Union building.

That sizeable 1970s building was acquired in the past year by John Cleary Developments and is being upgraded. It was sold for Aviva Investors by Savills, with a rental income of €338,000 pa and had a guide of €4.25m.

Among new tenants since at 89/90 is Eventbrite, a global self-service ticketing and registration platform.

Sold too this summer was the 18,000 sq ft No 1 South Mall, via Lisney, for €3m-plus, to an unidentified investor, with a current income of €270,000.

The sale of No 50 South Mall comes after another auctioneering firm, Matt Fallon Property Partners, bought the high profile 1,250 sq ft 41a South Mall, at the corner with Grand Parade, this year for a reported €425,000, whilst the 2,500 sq ft No 60 South Mall at the street’s corner with Marlboro Street has sold via DTZ for a reported c€600,000.

“I bought No 50 because I believe in the South Mall,” said Rosscarbery, West Cork native Jeremy Murphy yesterday, confirming his purchase for an undisclosed price, and adding that it positions his firm for further growth “at a time when the market is in a good place. It’s a good time to take a step such as this.”

“Every city needs a financial centre and the South Mall has been Cork’s for over a century and will continue to play an important role.

This building is in a great position, opposite Electric, and near the Capitol complex, and the planned Event Centre.

There’s hope of a new hotel just across the river on Sullivans Quay as well as the one coming on stream on the South Mall by Parnell Place.”

Currently employing five, and headed by Jeremy Murphy and Lisa Murphy QFA, the busy estate agency formed in March 2006 when it located at 15 South Mall.

It’s understood overhead floors at No 50, in very good overall condition, will be offered to let to other users in coming months.