Mixed-use Ardfallen Mall investment on Cork's Douglas Road for €2.6m
Ready to roll: Ardfallen Mall Douglas Road Cork city investment has €270,000 annual income and is guiding at €2.6m via agent Rob Coughlan of Cohalan Downing
A SUBURBAN Cork mixed investment just up for sale for high rollers could be described as gold-plated – after all, previous uses on the site included that most rare of things a Rolls Royce dealership, briefly back in the 1970s.
Up for sale with a €2.6 million price tag is the Ardfallen Mall, on the main Douglas Road, next door to the Briar Rose bar and steakhouse restaurant.
The multi-million euro price tag is less than the sum some very special Rolls Royces have sold for: a Rolls Royce Solid Phantom Gold, with 120kg of gold in its armoured bulk, sold to a Middle Eastern client for $8m, for example, one of over half a dozen unique Rollers to top €2 million.
Another, a 2021 boat tail Roller has a €36m price tag…
Cork’s more modest link with the famous RR car marque dates back to the 1970s when the Sullivan family had a car dealership here at this Ardfallen location, selling Triumphs and, for a period the odd Rolls Royce, with the occasional property developer and builder of the day having the car with the iconic Spirit of Ecstasy flying angel on the bonnet.
Among Cork's high rollers of the day were the likes of house builder Pierce Moore, who ferried his children to school in his Rolls, and Tony Murphy of Gay Future horse racing betting sting fame, who, as local legend recalls, could be seen with bags of cement and shovels sticking out of the boot of his Rolls Royce.
It’s likely less colourful people will emerge for the bricks and mortar investment offer now at the Ardfallen Mall which, neatly, includes bookies Boyle Sports on the tenant list.
Described as a “passive investment opportunity,” it comprises Units 1, 2 and 3 which are fully let, to occupiers Iceland, who have 25 Irish outlets, Ardfallen Pharmacy and Boyle Sports, with 340 Irish outlets.
The units currently produce just under €270,000 pa, with an average (WAULT) of 5.2 years on the leases, and showing a 9.4% return (Net Initial Yield) on the investment, if sold at the €2.6m guide, quoted by estate agent Rob Coughlan of Cohalan Downing.
Mr Coughlan describes it as “an outstanding, city suburban investment.”
The trio, running to over 9,500 sq ft with basement stores under two, are part of a larger mixed-use development on the former car dealership site which also includes medical consulting rooms and a creche, which do not form part of the sale.
Highest rent is from Unit 1, c 6,000 sq ft and let to Iceland on a sublease (it had been a large Spar) and earning ) and earning €170,000 on a 25-year lease from 2003, with expiry date of 2028 and upward only review due in May 2023.
Unit 2 is let to Ardfallen Pharmacy and earns €52,000 pa, with a review in October 2023 and expiry in 2028, and Unit 3 is let to Boyle Sports at €47,000 pa.
It’s all part of the largest mixed-use site on Cork’s main Douglas Road between the city centre and Douglas Village, with a Tesco Express closer to the city, also on a former motor dealership site (Renault), and it’s understood the deal is on behalf of a receivership of a business partnership, some members of which currently have other Cork assets on the investment market.
Separately, investor appetites will already have been whetted by the sale in 2021 of a mixed-use Douglas offer, an entire street at East Douglas Village, which sold for €11.2 million to a private investor, making 10% over its €9.5m guide for a 6.2 % return on investment, after very keen competitive bidding.
An even more spirited number of inquiries may now follow for the Ardfallen Mall investment, given its broader appeal at the quoted guide and lure of a 9.4% NIY, with a particular appeal to private investors and to those with personal pension funds to put into bricks and mortar income-earning assets.
What it get bids to, and the eventual return, will be closely watched at a time when good investment properties are rarer than the number of Rolls Royce motors on Irish roads.
Investors with good rent rolls may like to know that two years' rent (€270k pa) on Ardfallen Mall might fund the purchase of a 211-D reg Rolls Royce Dawn, a 6.6ltr V12 Cabriolet, currently available on Carzone with a mere €499,950 price tag, and 4,000 miles on the clock.
Details Cohalan Downing 021-4277717
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