Joint agents Lisney and Cohalan Downing are guiding a price of €5.3 million for the Flying Enterprise Complex on Sullivan’s Quay in Cork city.
The complex, which has been under the management of its outgoing owners, Finbarr and Dolly O’Shea, since 1980, has expanded significantly over the years and today comprises several elements including a bar and restaurant, a newsagent and off-licence and five apartments. The complex is on a high-profile corner site on Sullivan’s Quay overlooking the river Lee and sits adjacent to the site of the long-planned Event Centre on South Main Street.
The Flying Enterprise Complex is being offered for sale in one or more lots as follows:
Lot 1: The Flying Enterprise bar (named by previous owners after a famous 1952 shipwreck) and courtyard with newsagent/off-licence at ground-floor level, first-floor restaurant extending to 11,100sq ft (1,000 sqm). There are five apartments/penthouses on the second and third floors that are fully let and generating €100,000 in annual rental income.
Lot 2: A commercial investment let to Munster Technological University, which is generating €85,000 in annual rental income.
Lot 3: A two-storey former school building fronting Sullivan Quay extending to 4,400 sqft (408 sqm) with current planning permission for a function room and new entrances.
Lot 4: The entire complex.
Rory Browne of Lisney and Margaret Kelleher of Cohalan Downing say: “This is an excellent opportunity to acquire a significant licensed premises capable of sustaining high levels of trade and with further development potential. This is supplemented by two investment income streams with a total rental income of €185,000 per annum.”
Expressions of interest for the Flying enterprise Complex are being sought by April 10th next.
