Investment property for sale on Cork’s premier retail street, guiding at €6m

A high-profile retail investment at the corner of St Patrick’s Street and St Peter and Paul’s Place in Cork goes for sale on Wednesday through Cushman and Wakefield at a guide price of €6 million. At that valuation, the asset would show an initial yield of 8.6 per cent.

The location of the building along Cork’s premier retail thoroughfare is expected to generate considerable interest from private investors and small property funds.

The three-storey building is let to Boots chemist on a 35-year lease from October 1987, which leaves six years remaining on the lease. The current rent of €540,000 is subject to five-yearly, upward-only reviews.

The building has an attractive frontage on to Patrick Street and return frontage to St Peter and Paul’s Place. The ground floor is given over entirely to retail activities, while the upper floors are used as ancillary accommodation. The overall floor space extends to 435.42 sq m (4,687 sq ft).

Séamus Costello of Cushman and Wakefield describes the planned sale as a “superb opportunity to acquire a prime investment property occupying a pivotal corner location in the heart of Patrick Street”.

The Boots building is located directly across the street from a €50 million redevelopment project known as the Capitol, which is to provide more than 50,000 sq ft of new retail accommodation. That scheme is due to be completed early in 2017.