A modern, gilt-edged commercial opportunity in the heart of Cork’s central business district is being offered to investors by Sherry FitzGerald Commercial and H Property.
The property comprises the ground and third floors of the landmark, five-storey City Quarter development on Lapps Quay, overlooking the Lee, close to Patrick Street and the South Mall. Adjacent to the docklands, the ground-floor and third-floor offering covers 2,500sq m (26,586sq ft).
The property is for sale by private treaty in one or more lots, and the agents are guiding a sale price of €6 million for the entirety. This reflects a blended reversionary yield of about 9.3 per cent, assuming standard acquisition/purchaser’s costs.
The property is coming to the market on behalf of the receiver, Gerard Murphy.
On the third floor are five office suites laid out around a central service core. This floor is fully occupied under various leases and the total annual passing income is €431,000. Existing tenants, who are not affected by the sale, include blue-chip businesses Cornmarket Group, Goodbody Stockbrokers, NIB Travel Insurance, GJ Moloney Solicitors and Glandore Business Centre.
The offices are fitted to an extremely high standard with raised access floors, extensive natural light and panoramic views of the city and river Lee.
The ground floor is mixed use and comprises a vacant fully fitted own-door office suite, a self-contained fitted restaurant unit and glazed standalone coffee dock situated on the boardwalk adjacent to the scheme, occupied by Café Gusto.
Currently, the property is 80 per cent occupied, with potential to secure tenants and grow income by astute asset management. A vacant ground-floor office suite and fitted restaurant have not been marketed as available to lease, and given they are “ready to go”, they should both draw significant interest from prospective tenants given their strategic location.
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Cork is the Republic’s second largest city and has a metropolitan population of about 220,000 people with an additional 540,000 people living in the wider county area. It is also the main commercial, retail and education centre in the south of Ireland and it has a track record of attracting global leaders in biotechnology, healthcare, communications and financial services, among other high-end sectors.
David McCarthy, of Sherry FitzGerald Commercial, said: “The property presents a unique opportunity to acquire a substantial mixed-use investment with extensive asset management opportunities and an estimated rental value in the region of €620,000 per annum upon full occupancy.”
