A Swiss-based investor has commenced building a portfolio of Cork city centre properties, having spent close to €5 million to date, acquiring a number of well-established buildings on Oliver Plunkett Street and St Patrick’s Street, with over 12 tenants combined, and getting an average 8% rent return on his purchases.
Included in the rapidly assembled portfolio are the ground floors of Nos 21, 22 and 23 Oliver Plunkett Street, with a combined rent roll of €110,000 from tenants Cunneen Locks, Fran & Jane boutique and Jacques Restaurant, who have a portion of the restaurant at No 23, with the rest backing onto Phoenix Street.
That trio was sold via agent Denis Guerin of Frank C Murphy & Co, who’s now actively representing the unnamed Swiss-based buyer in his further and subsequent purchases, and is understood to be actively managing the investments, some of which have vacant possession with income uplift potential after upgrades/new tenancies.
Now, added to that Spring 2019 acquisition which had a combined €1.4m guide and which was sold in one lot for c €1.25m via a company to mean a 1% stamp duty only, is the adjacent Pembroke House (pictured), an impressive, tall period building at the corner of Oliver Plunkett Street and Pembroke Street, opposite the GPO and near the Imperial Hotel.
Bought off-market from a Cork family business/investor owner, Pembroke House is understood to have made about €2 million negotiated by the investor directly with estate agent Cearbhall Behan, of Behan Irwin Gosling (BIG); tenants at Pembroke House include a dry cleaners, a travel agency, professional/legal services and consultants, an estate agency, and others, as well as Mahers Coffee which trades on Oliver Plunkett Street.
Also acquired via BIG's Mr Behan were two St Patrick’s Street retail investments, at No 120 (the former Central Shoe Store, which had a €475,000 price guide via Behan Irwin Gosling) and No 121, opposite the Merchants Quay Shopping Centre where a multi-million euro upgrade on that centre is ongoing with centre owners Clarendon Properties.
It’s understood that the side-by-side duo, facing the Fr Mathew Statue, have been acquired for c €1m.
Sources say the very active investor has investigated several other Cork city investments, some quite substantial and in the multi-million euro price category.
It’s understood that he was not the buyer of Finn’s Corner, reported to have been bought by another overseas purchaser/investor, with reports of residential accommodation being considered for its upper floors once the landmark Finn’s building is vacated.
Estate agent Dennis Guerin declined to identity his Swiss-based client after the series of deals done in key retail settings on Oliver Plunkett Street and St Patrick’s Street.
Frank V Murphy & Co 021 4274204