Commercial property: Safe bet in Bishopstown

AN investment with an annual rental income just shy of €90,000, with most of it coming from a bookies as ground floor tenant, is up for sale, guiding at €1.25m.

The bite-sized lot, which would give a very comfortable pension or income, is also superbly placed: called Caterham House, it’s slap-bang in the middle of Bishopstown in Cork’s western suburbs, at a spot called Looney’s Cross.

Immediate neighbours in the densely populated suburb include the Bishopstown Bar across the road from Caterham House; next door is the iconic, brick-built and Moorish-looking permanent tsb bank branch, an AIB branch is 100 yards away, as are a number of professional offices and surgeries. Within a short walk is the Cork University Hospital, Cork’s maternity hospital, and the Wilton Shopping Centre are among other strong presences. It’s a location that a commercial property will rent in, all day long.

A modern building and a mixed-use investment with two upper floor apartments built in 2006, Caterham House is on the start of the Curraheen Road at its junction with the Bishopstown Road, and is a detached two-storey building on its own site, with off-street parking for five cars to the front.

There’s c 1,500 sq ft at ground level, which is let to Boylesports on a 25-year lease, from December 2006 at a passing annual rent of €70,000, and fitted to Boylesports livery.

Overhead are two 500-600 sq ft residential apartments, accessed from the rear of the building. One’s a one-bed earning €8,700 pa, the other’s a two-bed with rental income of €9,600 pa.

Selling agents Sam Daunt and Isobel O’Regan of Savills Cork say the building’s in good order and the apartments have been well finished “in an area that benefits from strong rental demand”. Because of the lot’s size and income level, at a yield of 7% pa, they add that they expect strong demand.

Close-by, agent Rob Coughlan of Cohalan Downing Associates is in an advanced deal on an older style vacant office investment, which had been guiding €400,000 with a deal likely to conclude within weeks.

And, a former off-licence building right on the Looney’s Cross junction, with a portion of the single storey property of c 1,200 sq ft let and trading as Spice of India restaurant earning €28,350 pa, went for sale with Lisney in April 2016, guiding €500,00, but remains unsold. It has its main, c 2,000 sq ft unit vacant.

This city end of the Curraheen Road (equidistant from UCC and CIT) is also touted as a renewal area for commercial/professional/medical offices with speculative site assembly being eyed up, while the former Viscount bar is now a building site, with a new credit union building underway next to a long-established Dunnes Stores, on a very valuable settled suburban site.

Also within the vicinity, an Aldi opened last year on the old Wilton Motors site, and a Lldl is due to be provided directly across the Bishopstown/Wilton Road on the former Esso service station site abutting the ever-evolving CUH campus. And, with plans slowly advancing for a redevelopment of the Wilton Shopping Centre site under its new Clarendon Properties owners, the decade ahead may see a considerable surge of investment capital and renewal. Caterham House may form a small, well-placed part of an evolving jigsaw.

Details: Savills, Tel. 021-4271371


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