High Street Mixed-Use Investment Opportunity
Summary
- High profile four storey commercial premises.
- Self-contained ground floor retail unit with ancillary storage accommodation overhead.
- Good display frontage onto Patrick Street.
- Occupied by two tenants with top floor vacant
- Total accommodation extends to 312.9sqm (3,367 sqft) with approx. 138.68sqm (1,494 sqft) at ground floor level.
Accommodation
The property comprises:
| Name | sq ft | sq m |
| Ground - Retail | 1,492.74 | 138.68 |
| 1st - Storage | 675.65 | 62.77 |
| 1st - Dental Surgery | 599.98 | 55.74 |
| 2nd - Storage | 599.98 | 55.74 |
| 3rd - Storage | 599.98 | 55.74 |
| Total | 3,968.33 | 368.67 |
Location
The property is centrally situated in Cork city centre on the north side of Patrick Street at its western end. The modern high profile Capitol Development is situated directly across the street. Patrick Street is Cork’s prime shopping street and principal retail thoroughfare and is host to a number of major department stores such as Brown Thomas, Dunnes Stores and Penney’s nearby and immediately adjacent occupiers to the subject property include Sostrene Grene, Dealz, Boots, McDonalds and Bank of Ireland.
Get directions from Google Maps
Further Information
Price Offers in the region of €875,000
Rates Payable €27,092.10 per annum ARV: €266.64 - Ground Floor, €54.60 - First Floor, €27.93 - Second Floor
BER Rating This property has been graded as B (801153750)
Description
The property comprises a four storey mid terraced commercial property fronting Patrick Street. The high profile premises is laid out with a self-contained retail unit at ground floor level which features a modern, glazed frontage onto Patrick Street and is currently occupied on 10 year lease by Liberty Clothing.
There is a dental surgery on the first floor level occupied by The National Implant Centre on a 5 year lease, who's demise also includes the second floor which is currently in office/storage use. The top floor remains vacant and is in storage use.
This investment opportunity is offered for sale together with Joint Agent Knight Frank.
Tenancies
Ground Floor:
• Rent €65,000 per annum
• New 10 year lease from Q1 2025
• Tenant break at end of year 5
• Cap of 15% and collar of 1.5% at rent review
First & Second floors:
• Rent €15,000 per annum
• New 5 year lease from Q4 2024
• Tenant break at end of year 3
Both tenants have executed Deeds of Renunciation
Viewing / Further Information
For further information or to arrange a viewing please contact our agent:
Szymon Slowiak
E: sslowiak@lisney.com
T: 087 975 2144
Viewings strictly by appointment only with joint agent Lisney Commercial Real Estate & Knight Frank.
Title
The property is held under a Freehold title
Gallery
