A DEAL worth up to €14m is to be signed in coming days on the remaining investment — including the Boardwalk bar and restaurant — at Cork city’s seminal City Quarter.
It went to market for Nama in September 2016, guiding €14.5 million.
The investment offer, including remaining 38,000 sq ft of offices, basement car parking and ground floor space at the €100m City Quarter, is close to being bought in one single lot, according to sources.
It has an income of €654,000 with scope to double that to €1.33m, according to Savills.
It’s understood that one investor is behind the impending deal, and when concluded, it may involve a re-sale or sub-sale as well as leases of several of the key components.
Among the names associated this week with elements of the deal and new occupancy/uses are skilled hotel/bar/entertainment operators Derry O’Regan, Jon Cronin and Seán McCarthy who developed the East Village bar complex in Douglas, the thriving SoHo on Grand Parade facing the Capitol, and who bought and reopened Paddy the Farmers bar near the South Infirmary two years ago at auction.
It’s understood the experienced hospitality operators are interested in redeveloping the former sizeable, c 8,000 sq ft Boardwalk Bar and Grill, which was initially co-owned by broadcaster Neil Prendeville and hotelier John Gately, at a reported fit-out cost of €2m, and at an annual boom-time rent to developers Howard Holdings of €350,000 a year.
The Boardwalk closed in 2015, and its owner John Gately (who also had been a co-owner of the Montenotte Hotel, which is now fully owned by Frankie Whelehan) has since opened a successful bar/grill, JDs and Republic Restaurant in Ballincollig.
The former Boardwalk adjoins the highly regarded Club Brasserie restaurant.
The up-to €14m investment sale wrapping up this week via Savills for Nama includes 38,000 sq ft of offices and 14,000 sq ft of ground floor retail/restaurant, as well as 229 out of 280 car parking space over two basement levels in the Scott Tallon Walker-designed river-fronting building, completed in the-mid 2000s by Howard Holdings, and since run by related asset managers Clowater for Nama.
The investment currently is 64% vacant, and has a rent roll of €654,000.
Alongside, the Port of Cork site is in a period of exclusive negotiations with US/Irish based bidder, via Cushman & Wakefield, having gone to market in mid 2016 guiding €7m, and is understood to be under offer for a lower sum.
Details: Savills 021-4271371
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