FOR SALE
Prime Investment Opportunity
No. 71/72 Patrick Street, Cork
Tenant Unaffected
No. 71/72
Patrick Street
CORK
M&S
LAVITT’S QUAY
Executive Summary
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Superb opportunity to acquire a prime investment property
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Pivotal corner location in the heart of Patrick Street and
opposite The Capitol
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Patrick Street is Cork’s premier shopping thoroughfare with all major department stores and multiples having
representation on the street
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Substantial 3 storey corner profile building that extends to 435.42 sq m
(4,687 sq ft) approx.
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The entire property is let to Boots Retail (Ireland) Ltd and the lease is guaranteed by Boots the Chemists Ltd
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35 x 5 FRI lease from 7th
October 1987 - 6 years
unexpired lease term
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Passing rent of €540,000 pa
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Tenant unaffected by this
investment sale
PAUL ST
THE PROPERTY
WATERSTONES
TK MAXX
MC DONALDS
ARGOS
No. 71/72
Patrick Street
CORK
DEBENHAMS
BROWN THOMAS
PENNEYS
OPERA LANE
SUPERDRY
PATRICK ST.
OASIS
COAST
THE CAPITOL
ENGLISH MARKET
OLIVER PLUNKETT ST.
No. 71/72
Patrick Street
CORK
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The property enjoys
a high profile location
at the corner of
Patrick Street and
Peter & Paul’s Place.
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Location
Cork is a bustling city with a population of 120,000 persons and a
metropolitan population of over 300,000 people. The property enjoys a
high profile location at the corner of Patrick Street and Peter & Paul’s
Place. Patrick Street is regarded as Cork’s Premier Retail Thoroughfare,
with all of the major Department Stores (including Brown Thomas,
Debenhams, Marks & Spencer, Penneys & Dunnes Stores) and Retail
Multiples, having representation on the street.
Opera Lane, a major infill retail development (2009), is close by and
occupiers include H&M, Top Shop, Next, River Island, Gap, Tommy
Hilfiger, Specsavers & Skechers. The flagship Capitol development is
situated opposite the subject property on Patrick Street and is expected
to attract other large scale retailers to the street. Other retailers located
close by include Waterstones, Argos, Oasis, Coast, Super Dry, Monsoon,
Sostrene Grene etc.
No. 71/72
Patrick Street
CORK
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Description
The property comprises 71/72 Patrick Street, a six bay three storey corner
profile building of traditional construction, with substantial frontage to Patrick
Street and return frontage to Peter & Paul’s Place. The building is currently
laid out with a self-contained retail premises at ground floor level and the
upper floors are in restaurant use with independent street access. The retail
premises benefits from extensive glazed frontage to Patrick Street.
Accommodation
Floor
Sq m (approx)
Sq Ft (approx)
Ground
194.44 2,093
First
148.36 1,597
92.62
997
Second
Total 435.424,687
Intending purchasers should satisfy themselves in relation to floor areas.
Patrick Street is
regarded as Cork’s
Premier Retail
Thoroughfare, with
all of the major
Department Stores.
No. 71/72
Patrick Street
CORK
Tenure
The property is held on long leasehold title.
Tenancy
The entire property is leased to Boots Retail (Ireland) Ltd and this lease is
guaranteed by Boots the Chemists Ltd. 71/72 Patrick Street is held on a 35
year term from 7th October 1987, a full repairing and insuring lease,
5 yearly upward only rent reviews and with a current 6 years unexpired
term. The current passing rent is €540,000 pa and the tenant is responsible
for outgoings in addition to rent. Tenant unaffected by this investment sale.
No. 71/72
Patrick Street
CORK
Quoting Price
€6,000,000 which reflects a Net Initial Yield of 8.62% after standard acquisition
costs of 4.46%. Passing rent of €540,000 with 6 years unexpired lease term.
Solicitor
Gillian Lynch, Eugene F Collins, E-mail: [email protected] Tel 01 2026400
Viewing
C1- B2
Strictly by appointment with the sole Selling Agents
Building Energy Rating
C2 C3
Ground Floor – BER Rating C2 - BER No. 800495392 Energy Performance Indicator: 1015.06 kWh/m²/yr 1.19
Upper Floors – BER Rating C3 - BER No. 800495418 Energy Performance Indicator: 790.14 kWh/m²/yr 1.45
Full BER details available on request.
No. 71/72
Patrick Street
CORK
Sole Selling Agents
For further information please
contact:
Seamus Costello
Email: [email protected]
Tel: +353 21 427 5454
Peter O’Flynn
Email: [email protected]
Tel: +353 21 427 5454
CUSHMAN & WAKEFIELD
6 Lapps Quay, Cork
t: 021 4275454
f: 021 4277246
www.cushmanwakefield.ie
Conditions to be noted 1. These particulars do not constitute an offer or contract or any part thereof and none of the
statements contained in the particulars as to the property to be relied on as a statement or representation of fact.
2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or
warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for
use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser
or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or
otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the
contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to
refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise
stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. Cushman & Wakefield Registration
Number: 002607