An opportunity to purchase a four-storey prime commercial property for less than €1m on Cork City’s high street is surely a twinkle of silver lining at a time when St Patrick's Street has lost some of its most high-profile retailers.
No 76, on the market with Lisney, and guiding at €950,000, is more than €600,000 less than what nearby Carphone Warehouse Investment sold for last year, at €1.55m.
The premises comes with one tenant, City Dentist, occupying a portion of the first floor. On a long-term lease and with a passing rent of €10,000 per annum (pa), City Dentist is not affected by the sale.
Otherwise, there is another 3,370 sq ft to play with, including a ready-to-go self-contained ground-floor retail unit measuring circa 1,500 sq ft, with ancillary storage/office accommodation overhead, available on the basis of a new lease.
Lisney divisional director David McCarthy said the guide rent is €95,000 pa.
Earlier this year, the former Coast premises next door, at 77 St Patrick's Street, was let to the ‘Card Factory’ for a rent of €100k pa.
Mr McCarthy said the main ground-floor retail unit is “ready for immediate occupation and is in turnkey condition”.
On a street where the passing footfall is 400,000 per week (20m per annum), it would suit a retailer, with plenty of room for stock overhead. The unit was previously occupied by hair extension store Hairspray, who announced in April that they would not be re-opening in the wake of Covid-19 lockdown measures.
Hairspray, who had been operating in Cork for almost five years, blamed their decision on the pandemic and traffic restrictions on St Patrick's Street, saying they would continue to serve Cork customers “online”.
Hairspray’s decision to quit the street came hot on the heels of a litany of high-profile retail exits from the main thoroughfare, most notably Debenhams department store, who had occupied the largest single retail space in Munster, owned by the Roche family.
Directly across the street for Debenhams, 201-year-old company Eason, retailer of Irish books and stationery, also announced it was to relocate.
However, on a more positive note, the two-storey Eason premises was sold to sports and leisurewear retailers Sports Direct International for €6.5m, and they are planning a major city-centre store, right next to rival operators JD Sport, who have doubled their Savoy Centre footprint.
Whoever purchases No 76 will find themselves in good company, next to Danish lifestyle and homewares company Søstrene Grene, on St Patrick Street since 2016, and opposite activewear megastore Life Style Sports, which opened in the revamped Capitol building in 2017.
Mr McCarthy said No 76 is “suited to an owner-occupier or investor”.
Other major retailers on the main street include Brown Thomas, Dunnes Stores and Penneys, as well as Dealz, Boots, fast-food outlets Burger King and McDonald's, and Bank of Ireland.
No 76 is a mid-terrace property with a C3 energy rating.
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