Soundstore's warehouse and HQ goes to market in Cork

There’s a sort of musical chairs series of moves afoot at several of Munster’s TV, audio and white goods retailers this month. As one Cork city centre retailer prepares to move to an edge-of town spot for a larger footprint in coming weeks, the first out of the traps to officially confirm a relocation is the well-known and long-established Soundstore.

Soundstore's warehouse and HQ goes to market in Cork

It’s relocating from a valuable, modern 80,000 sq ft unit at Cork city’s Sitecast Industrial Estate near Pouladuff, which has been its depot/warehouse and HQ, and the business also has several electrical stores in Cork, as well as single stores in Limerick, Waterford, and Tralee.

Soundstore’s warehouse and HQ goes to market this week with Savills Cork, guiding at €3.5 million, far below replacement/construction costs. It’s about 10 years old and would cost up to €8-€10m to build today, says Niall Guerin of Savills.

Soundstore is relocating its warehouse needs to a smaller unit, in the former O’Mahony Packaging building on the Melbourne Road/Model Farm Road, near CIT, in a deal negotiated by Downing Commercial.

It’s taking about 40,000 sq ft there on a specially negotiated short-term lease only, as the property’s owners Montesa have planning lodged since August for demolition.

Montesa seeks to build five student apartment blocks, totalling 63 student apartments, near the CIT, involving demolition of the existing warehouse and offices at the former O’Mahony Packaging building close to the Council’s Motor Tax Office.

The units, near existing student accommodation such as Parchment Square, will have up to 350 student beds.

Soundstore got the site at the Pouladuff/Togher Sitecast estate just off the Cork City Ring Road from neighbouring occupiers Smurfit Kappa, for whom it was surplus to their requirements, building a detached warehouse of 86,000 sq ft, on 2.5 acres during the 2000s.

About three kms from the city centre, it has HQ-style uses thanks to two storey offices in front in a mix of cellular and open plan offices, along with warehouse/distribution facility.

According to Savills, it’s very well finished, with varying eaves heights ranging from 6 metres to 13.5 metres, and has eight dock levellers and two grade level doors.

Nearby occupiers include Smurfit Kappa, G4S, Cork Builders Providers, Brooks and EZ Living Furniture, while closer to the ring road are An Post and Kearys garages and car showrooms, served by the same Togher/Pouladuff flyover junction.

Guiding at €41 psf, or €3.5m, Sam Daunt and Niall Guerin say there’s very little stock of this modern vintage and size available to buy, and they expect owner occupier interest primarily, plus some possible investor inquiries.

The location, easily accessed and also serving the Airport Hill and roads to west- and mid-Cork, will suit a good cross section of occupiers, on the outskirts of the city “in a prime industrial location, at a price well below replacement cost,” they say.

Meanwhile, another electrical/audio retailer, is expected to confirm relocation plans also in Cork later this month, moving to larger space off the ring road network.

Also relocating, via David McCarthy of Lisney, from the Kinsale Road Commercial Centre to a profile premises a mile away at the Bandon Road by Dunnes Stores, just off the ring road, is Senator Windows.

They are taking c 4,200 sq ft in a stand-alone showroom building on c 0.4 acre at Ardrostig. It had been marketed for sale with a €295,000 guide price, but sold after competitive bidding for €500,000.

It was bought by William O’Brien who has a large premises and storage depot across the Bandon Road. O’Briens will take office space upstairs in their new purchase, with Senator Windows at ground level.

Details: Savills, 021-4271371; Lisney, 021-4275454

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