Retail and mixed-use retail investments worth up to €10m between two lots, in Cork city centre and Midleton in East Cork, are offered by newly re-branded commercial agents Cushman and Wakefield.
Largest lot is a half -occupied 46,000 sq ft development of 21 shop and office units, with multi-storey 260 space car park at Distillery Lanes, Midleton: it guides at €2.75 million, and has an income of €256,000 pa, with three unoccupied units under negotiation, according to Seamus Costello of Cushman and Wakefield.
“Substantial interest is expected at the price of €2.75m, given its current income stream, future additional income potential, together with the substantial nature of the property on offer,” he observes.
Larger in terms of value is the just-launced retail investment at 71-72 Patrick Street, let to Boots and currently earning €540,000 pa, with six years unexpired left on the lease.
Near the rapidly evolving €50m Capitol retail and office scheme being built on Patrick Street and Grand Parade by John Cleary Developments and due to have two anchor tenants in its 50,000 sa ft retail draw, it’s at an end of the shopping thoroughfare which had high vacancy levels during the downturn, but has shown a bounce back through 2016, with fit-out underway close by of Danish homes firm Sostrene Green, and the belated sale of a long-closed AIB bank building.
Being sold for a corporate investor, 71-72 is fully let to Boots who also have a city presence at Half Moon Street and is described as a substantial three-storey, high profile 4,600 sq ft building with attractive frontage to Patrick Street and return frontage to Peter and Paul’s Place.
It’s held on a 35-year FRI lease from 1987, with six years unexpired lease term at a passing rent of €540,000 pa. The price of €6m offers an initial yield of 8.6% for an investor, adds Mr Costello, adding “Patrick Street has witnessed strong activity in the last 18 months and vacancy levels are now at the lowest level since the downturn.”
The shopping street’s recovery is expected to see Penneys dominate the middle, with a doubling of their current store, while the Savoy is starting its reconfiguration soon.
Details: Cushman and Wakefield 021-4275454
© Irish Examiner Ltd. All rights reserved