A primely set, corner investment property in the heart of Cork’s suburban Douglas village which once was the focus for an €8m bar and restaurant venture is for sale for €1.75m plus Vat, let to three tenants and earning €174,000 a year in rent.
Freshly up for sale is Nos 1& 2 Church Street and at the corner of Main Street, Douglas, with key tenants Boylesports, O’Driscolls Bar and a Chinese restaurant, the Rose Garden: at the €1.75m guide, it represents a Net Initial Yield of 9.17%.
The 8,000 sq ft-plus property had previously traded for decades as the family-owned O’Driscoll’s Bar, facing Barry’s pub across Church Street, a few doors away from the redeveloped Douglas Village Shopping Centre.
It subsequently traded as Ryan’s, and as the Bohemian, and was bought by a consortium in the mid-2000s for a reported, but unconfirmed, €5.5m.
Next, it was leased to restaurant operators, who invested a further €1m-plus into establishing it in 2005 as a minimalist, upmarket restaurant and bar, over two levels and primarily at first floor level, trading as Ruby Jones.
It failed to take-off, and was broken back down into smaller units by 2007.
The ground floor includes O’Driscoll’s Bar at the corner with nearly 2,800 sq ft, paying an annual rent of €49,000 and in occupation since 2007, but without a current lease in place. Alongside, Boylesports has been in occupation on a 20 year lease since 2008, paying €95,000 pa for its 1,750 sq ft with five year upward only reviews, and the Rose Garden has 3,700 sq ft, mostly upstairs, and pays €30,000 pa for its 10-year lease, since 2016, at market rents.
Agent Rob Coughlan, director with Cohalan Downing Associates, who says the existing bar/food/bookmaker uses “are highly desirable and increasingly difficult to secure.”
The €1.75m sale is offered, he stresses, with the benefit of the existing tenants, whose business is unaffected by the sale.
The setting, paradoxically, is close to several very successful trading entities, and the famed KC’s takeaway, with two shopping centres, along with surprisingly empty properties in the heart of the suburban village, with some of Cork’s most affluent suburbs ranged around it.
Despite population and profile of the location, currently idle buildings include the former TSB, once posited as potential Wetherspoons, and a former Centra.
Other neighbouring occupiers include Ecos restaurant, the upmarket Palmento pizzeria, Bank of Ireland, TSB, KC’s Take Away, Barry’s bar and restaurant, Paddy Power, La Quila, and the East Village complex, with bar and restaurant, close to a McDonalds.