IT’S A Dealz, says East Cork estate agent Miah McGrath, holding out the prospect of a 10% return on a Midleton town centre investment, guided at €1.3 million, and with €140,000 a year income stream.
There’s just two years down and eight to go on a recent ten-year lease to discount retailer Dealz at 94 Main Street, right next door to Midleton’s Ulster Bank branch. Well-sited at the northern end of the street in the East Cork town, and also near Bank of Ireland and AIB branches, No 94 Main Street has dual access, with over 9,000 sq ft of retail building in between.
The rear access is from Riverside Way, and there’s parking for 16 cars at this point. Midleton town-based agents McCarthy and McGrath pin a guide of c €1.3m to the investment and say they’re getting calls from far afield, well beyond the usual catchment.
“There’s no chance to get a return anywhere close to 10% on an investment now in Dublin, so investors are looking much further afield; we’ve had quite few calls from the Capital,” says Mr McGrath, adding “it’s one of the best retail shops on Main Street.” Also nearby are Carphone Warehouse, Boots etc.
No 94 Main Street is a three-storey over-basement commercial premises with over 9,000 sq ft of retail space, with air-con, lift access, and three-phase power.
It’s let to Poundland Ltd, t/a Dealz, on a 10-year FRI lease from 2012 subject to a five-year rent review, with a break clause after year five.
Meanwhile, also on the value/discount retail front, Scandinavian retailer Tiger (which won last week’s Retail Excellence Company of the Year award) is on the prowl for a new Cork city centre premises.
It’s understood Tiger’s temporary lease at the former Irish Nationwide building on Patrick Street is up next year, as new owners Penneys seek to redevelop the city centre block onto Cook Street which they’ve stealthily been assembling over several years.
Tiger is looking for up to 3,000 sq ft around Patrick Street, and had cast an eye over the entire former Wallis store, now due to be occupied by a relocating Holland and Barrett, in a deal done by Savills.
Danish brand Tiger Stores Ireland now has a dozen Irish outlets, with a 13th due to open pre-Christmas in Dublin’se Swan Centre, Rathmines.
Seven other Irish ‘Tiger stores are planned for 2015, mostly outside Dublin.
n Finally, also on the retail front in Cork city centre, maternity wear and children’s clothing company JoJo Maman Baby is set to open a premises on Princes Street, opposite the much-photographed English Market
The company, now come of age at 21 years old, employs over 600 at 65 UK stores, is represented in 70 countries and has now added Cork to its Irish presence, having traded successfully in Dublin’s Wicklow Street near BT and Louis Copeland for two years.
JoJo Maman Baby has taken No 11 Princes Street, previously occupied by House of Gifts and close to Iagos and RocketMan food emporia, in a deal negotiated by Margaret Kelleher of Lisney, who also is at an advanced stage on No 39 Princes Street, vacated by Parafin.
Details: McCarthy & McGrath, 021-4631755 Savills, 021-4271371 Lisney, 021-4275079
© Irish Examiner Ltd. All rights reserved