Harvey Norman Cork for €8.2m

The Harvey Norman store on the Kinsale Road in Cork is on the market at more than €8.2 million through Savills, which would reflect an income yield of 7.92 per cent after standard purchaser's costs of 4.46 per cent.

This retail warehouse investment is producing a rent roll of €678,699 with another 9½ years on a lease guaranteed by Australian parent company Harvey Norman Holdings Limited which has almost 300 stores worldwide.

There is also a CPI-linked upwards-only rent review due in 2020 on the lease which expires in 2025.

The Harvey Norman unit, which is unaffected by the sale, is being sold on behalf of joint receivers Luke Charleton and Marcus Purcell of EY. It has good profile to the Kinsale Road about 3km south of Cork city and is close to the N40 interchange in an area synomous with retail and industrial use.

Extending to 4,100 sq m (44,132 sq ft), the property is a detached purpose-bulit retail warehouse unit on a 1.9-acre site with 100 car parking spaces. It was extended in 2008 while the large site provides future development potential, according to the agents.

Harvey Norman is one of Ireland’s largest retailers of furniture, bedding, electrical goods and computers with 12 stores nationwide.