A prominent corner retail building fronting on to Patrick Street with return frontage to Princes Street in Cork is to be offered for sale through DTZ Sherry FitzGerald with a guide price of €1.8 million.
The striking four-storey block has retail and some storage facilities on the ground floor and further storage and ancillary accommodation on the upper floors.
The property extends to 348.80sq m (3,755sq ft) and has display windows to both Patrick Street and Princes Street.
The entire building is leased to GameStop Ltd on a 10-year full repairing and insuring lease from November 2014, at an initial rent of €135,000 a year.
The lease provides for a rent review at the end of year five to market rent, tenant break option at the end of year seven and makes the tenant responsible for all outgoings additional to rent.
Premier street
Patrick Street is Cork’s premier retail street with many of the major department stores and retail multiples being represented there.
Princes Street is also a busy pedestrian street and acts as one of the main interconnecting streets between Patrick Street and Oliver Plunkett Street.
GameStop Corporation is a Fortune 300 and S&P 500 company with more than 6,600 outlets across 15 countries. The Irish branch operates 40 retail outlets.
Seamus Costello of DTZ Sherry FitzGerald said the investment property ticks all the right boxes: "A trophy building, prime, high-footfall Patrick Street location, attractive covenant and lease terms."
