Chance of a lift? Upward-only rent reviews at Cork city premises occupied by Anderco

Investment property with 9.6% return  is in a rapidly evolving city quarter with future redevelopment scope

Glanmire House is occupied by  Anderco and DL Supplies and has a €700,000 AMV

UPWARD only rent reviews apply, appropriately, to a building in an evolving Cork city location, and which is currently leased to a company that specialises in lifting equipment, hoists and safety services.

Up for sale is Glanmire House, occupied by Anderco Lifting since 2003, on a 38-year lease.

It’s a mid-terrace and double-fronted commercial building of 6,500 sq ft over two floors, on the city side of Kent Rail Station.

It’s also just north of the fully-let €125 million and multi-award winning Penrose Dock development of 250,000 sq ft of offices, done by JCD Group, facing a further adjoining quay-fronting development site (O’Learys) and is near Penrose Wharf.

It’s been put up for sale with 15 years certain left to run on its lease via agents Rob Coughlan and Amanda Isherwood of Cohalan Downing, with a €700,000 AMV.

At that level, it indicates a return of 9.6% NIY, with a rental income of €74,000, on upward only review terms, Mr Coughlan points out.

Glanmire House's front section is sub-let to  DL Supplies Lower Glanmire Road 

The investment is being offered by Anderco themselves, and there’s an agreed sub-lease of a portion of the ground level to DL Supplies for showroom and storage uses: the tenants are not affected by the sale of the property as an investment.

The building faces Lower Glanmire Road to the north, where there’s 17 metres frontage and it also has 14.5m frontage to Alfred Street, and is along one of the main traditional arterial routes into and out of the city, just north of the River Lee.

All change on the doorstep

Given the rapid pace now of redevelopment in this city quadrant by the city’s upgraded rail station, home to the ongoing mixed-use Horgans Quay (HQ) development of offices (part occupied by Apple), Dean Hotel and proposed apartments, some may see a medium to long-term property play at this location, characterised by lower-value commercial units such as this and bookended on the city end by Unity House (done by Bride View Developments) and St Patrick’s House/Synergy Credit Union.

Adjoining occupiers include Right Price Tiles, and Hertz Car Sales, with MacCurtain Street/Victorian Quarter 200 metres to the west.

Details: Cohalan Downing 021-4277717.