Deals on wheels under €1.5m

An investor has driven off with a purpose-built, garage showroom on a two-acre site in Cork’s East Gate, for less than €1.5m.

The 20,000 sq ft garage — with showrooms and service centre, on two acres — was built for a planned relocation by PJ O’Hea’s in 2009. The company, which was formed in 1942, ceased trading with the loss of 16 jobs in 2011, having failed to sell its old St Patrick’s Quay site for €7m, after JV development plans for it were shelved.

The East Gate property was put on the market for €2.25m in 2012, and then cut to €1.5m, by receivers Farrell Grant Sparks, represented by Cohalan Downing. The sold sign went up in recent days, and the buyer is expected to take over shortly. Agent Maurice Cohalan declined to identify the purchaser, but indicated that it was a private investor; it’s not clear if that buyer will be involved in its re-use, which is expected to be motor-related.

The double-height showroom, with ancillary uses, is close to where pharma giant Eli Lilly bought a 65,000 sq ft office building in December 2013. Lilly is spending close to €10m on the O’Flynn Construction-developed building and fit-out, supported by the IDA and Nama.

The PJ O’Hea building is one of a number built in the mid-2000s by motor dealers from across Cork, who were selling up valuable city and suburban sites. The motor mall sites typically sold for €1m an acre.

Details: Cohalan Downing, 021-4277717.


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