Two Cork city properties may interest businesses looking to house staff

6 Coal Quay is occupied on the ground floor by the Funky Skunk business.

Businesses looking to house staff are to the fore of those viewing two Cork city mixed-use properties, both of which are already under offer.

At No 6 Coal Quay and No 6 Southern View Place, High Street, both premises include ground floor commercial units and overhead residential.

The 162sq m (1,750sq ft) Coal Quay property, which overlooks the River Lee on the quay close to the junction with Cornmarket Street, came to market at €265,000 and is under offer at €295,000 with Dennis Guerin of Frank V Murphy auctioneers. The High Street property is under offer at €260,000, but Mr Guerin said they are holding out for €275,000.

6 Coal Quay

The ground floor unit of the three-storey Coal Quay premises is let to tenant, The Funky Skunk smoke shop, with a passing rent of €7,263 pa and four years left to run on a 35-year lease. There’s separate access to the upper two floors where there are four bedrooms, a bathroom, a kitchen/dining area and a storeroom. While the upper floors have not been lived in for many years, Mr Guerin said planning will not be required for conversion into apartments as their original use was residential. Refurbishment assistance should be available to new owners under various government measures to address vacancy and dereliction.

The ground floor commercial unit at 161sq m (1,734sq ft) High Street also has a tenant, Ecois Inside Africa, who are overholding on the lease. The passing rent is €8,000pa. Mr Guerin said the four-bed overhead residential unit is in good condition and while currently vacant, has rental income potential of €18,500pa, bringing total rental potential of the building to €26,500pa.

Mr Guerin said there’s “a good bit of interest in both properties, which are similar”.

“Both are in great city-centre locations, and in the current housing climate, we’re seeing good interest from businesses such as restaurants looking for accommodation for their staff,” the agent said, adding that the properties represent “excellent investment opportunities”.

6 Southern View, High Street, Cork

The Coal Quay premises is close to St Patrick’s Street while the High Street property is near St Finbarr’s Hospital, in an area of the city undergoing some regeneration, most recently the overhaul of the Southern Star bar, while currently, across the road, next to the Pier Head Chinese takeaway, a housing body is laying the foundations for four apartments on land previously owned by Derry O’Callaghan of Zico’s Pizza, which ceased trading on High Street in 2021.

DETAILS: Dennis Guerin, Frank V Murphy & Co TEL: [phone] Email: [e-mail]