It’s got a Blue Chip tenant, it’s guiding €3.5 million — so, would you like fries with that?
New to market in the heart of Cork City is an investment property with top-notch occupier McDonald’s paying a current rent of €372,000, in place as a fast-food staple since 1985.
Offered for Dublin-based private fund investors via agent Maurice Cohalan of Cohalan Downing, the property at 4, 5 and the upper floors of 6 Winthrop Street is expected to catch the eye of private investors, and bidding may push it toward €4m given the investment appetite.
“The location is prime, a few yards off St Patrick’s Street with major footfall, and Mc Donald’s is one of the best covenants in the world,” asserts Mr Cohalan.
It’s next door to one of the entrances to Brown Thomas, with visibility from St Patrick’s Street, whilst Winthrop Street leads on to the GPO: it’s one of the busiest pedestrian stretches and streets in the city centre, and Mc D’s is a magnet for families, students and school-goers.
One of two Cork city centre McDonald’s (there are more in the suburbs, and 34,000 globally) it has been in the southern capital since 1985, 30 years after the franchise originated, and eight years after it opened in Dublin’s Grafton Street. It’s now in 118 countries, and opened its first outlet in Vietnam this year.
Initially brought to Cork as a franchise, and bought back in some years ago by McDonald’s, the Winthrop Street property is held on a 35-year FRI lease since 1985, subject to upward only review, and so has six years left to run on current terms.
It has 12.5m frontage to Winthrop Street and access to Winthrop Lane which runs down to Caroline Street and more Brown Thomas property, and has 10,000 sq ft, with about 3,500 sq ft at ground level. It includes the upper floors of No 6, above Peter Mark hair salon, which is in separate ownership.
Also nearby are the GPO, Vodafone, Hallmark, the Long Valley, AIB, etc. Slightly further are Penneys, Debenhams, and M&S. It is due to be sold by tender on March 11.
Details: Cohalan Downing, 021-4277717.
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