THREE retail-based Cork city investments, worth a combined €3 million-plus and each promising a yield of c.8.25% come to the open market this week with Cushman & Wakefield, pitched at private investors, and to those in search of pension income.
Two are on Oliver Plunkett Street, Nos 53/54, and at No 64, and the other is on the Grand Parade, where the very substantial but underdeveloped Nos 42-44 are about to be vacated at ground level by the Fáilte Ireland Cork Tourist Office, where it has been based for about 30 years operating as Cork-Kerry Tourism/Ivernia and latterly as Áras Fáilte.
The Tourist Office is due to relocate to 125 Patrick Street, taking 720 sq ft at ground level opposite Merchants Quay Shopping Centre, in a c €55,000 pa lease deal agreed on the building by Patrick’s Bridge last year via Global Properties.
Its former long-time home 40/42 Grand Parade is a four-storey commercial opportunity, stretching to a considerable c 16,000 sq ft in a mix of retail and office with some development potential, subject to planning, and an occupier of a portion of the ground floor is Brittany Ferries, on a 20-year lease from 1995.
It’s being sold with vacant possession, save for the portion occupied by Brittany Ferries, who pay €12,000 pa rent. Guide price is €750,000 to €800,000, and it’s close to Caseys Furniture, and the Grand Parade junction with South Mall, opposite the City Library, 100 metres from the new John Cleary Developments Capitol scheme which is now being occupied.
Most valuable of the Cushman & Wakefield trio being handled by Peter O’Flynn and Siobhan Young is 53/54 Oliver Plunkett Street, a rebuilt mid-terraced three-storey 1,750 sq ft property, with retail at ground plus six overhead apartments, which earn €58,000 pa. The retail is let on a 25-year lease to Herlihys Centra since 1997 at a current passing rent of €100,000 pa, making for a combined return of €158,000 pa from the mixed-use investment. Guide for 53/54 Oliver Plunkett Street is €1.65m to €1.8m.
Also on offer is a straight retail investment at 64 Oliver Plunkett Street, a 2,100 sq ft three storey property at the western end of the street near entrances to the English Market and close to Patrick St via Princes St.
No 64 is let to Flaireline Fashion, trading as Pamela Scott, on an 18-year lease since 2008, at a passing rent of €42,500 pa. Adjacent traders include Caseys Furniture and John Cronin Menswear.
The three are offered in indivial lots, via private treaty, with very considerable and broad interest expected, add the agents, given the returns on offer on Oliver Plunkett Street, and the development scope at Grand Parade.
Details:Cushman & Wakefield, 021-4275454
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