It made an unconfirmed c€4 million, in a deal that closes just as another €1.1m prime retail investment offer comes to market in Cork city centre, let to Fat Face, on Princes Street.
The investment deal at the attractive 80-82 St Patrick’s Street (occupied by Golden Discs) is understood to have seen the converted cinema/retail unit purchased by a family fund, and was done off-market by Edmund Douglas of Lambert Smith Hampton acting for the undisclosed purchasers.It’s one of a number of Cork retail properties being disposed of by IPUT in recent years.
The Pavilion opened in 1921, as one of Cork’s earliest movie houses seating more than 2,000, with a cafe, and it closed in 1989. It has almost 4,000 sq ft of retail space over two levels, up a short flight of steps from St Patrick’s Street. Rear portions of ‘the Pav’ have been in separate uses, as bar, nightclub, etc.
LSH’s Mr Douglas said he was precluded from commenting on the transaction at 80-82, but indicated that the buyers were not associated with Davy Private, who have done a multi-million euro site assembly alongside, at Nos 83, 84 and 85 Patrick Street on the profile corner with Careys Lane.
Work on linking that trio into one larger footplate retail unit is in train for Davy, with no occupier yet confirmed.
The retail presence at ‘the Pav’ is now let to Golden Discs until June 2018 at a reduced rent of €200,000 pa; HMV had been paying a reported €580,000, and closed its Cork stores in 2013, and others which it had reopened elsewhere also shut in 2016.
- Meanwhile, fresh to the open market just across St Patrick Street, at 44/47 Princes Street is an investment opportunity.
Set right by the most photographed, and heavily trafficked, entrance to Cork’s renowned English Market, it is currently let to fashion outlet Fat Face.
Listed for sale with a €1.1 million price tag via Declan Hickey of Casey & Kingston, No 44/47 Princes Street is currently earning a hefty rent of €187,000 per annum.
It’s held on a 20 year lease from April 2009, and at that figure may be considered to be over-rented despite the retail lull period in which the terms were agreed. However, the profile of the location has soared since ’09, thanks to the trajectory that the English Market has enjoyed post the celebrated visit to the market of the Queen of England in 2011 on the last day of her historic Irish tour.
It stretches to over 5,000 sq ft, over three and four floors, with a portion in the red-brick facade, and up above the arch entrance, to the English Market and Farm Gate restaurant approach.
With 1,800 sq ft at ground, it was previously two separate buildings, with a display window onto the market’s arched entrance, and the other section was occupied for more than 100 years by O’Donovans Butchers, which ceased trading on Princes Street in 2009.
Tenants Fat Face are unaffected by the sale, said Mr Hickey. Cork was Fat Face’s third Irish outlet when it opened in 2009: it now has eight, including two in Northern Ireland, and stores in Kenmare and Kinsale.
DETAILS: Casey Kingston, 021-4271127