South Mall office block for €4.25m

Savills is quoting €4.25 million for an office investment at 89-90 South Mall in Cork city centre.

The modern block, which is producing a rent roll of €338,000, is situated between the city’s CBD and the landmark developments on Lapps and Albert quays.

Unusually for Cork city centre, the block has 28 on-site car-parking spaces and extends to about 3,174sq m (34,164sq ft).

Long-term tenants at 89-90 South Mall include KPMG, Fujitsu, and James Riordan and Partners.

"There is also an opportunity to refurbish/re-let other floors in the block on a phased basis," says Niall Guerin of Savills.

“So this represents an opportunity to gain a strong foothold in the Cork office-investment market, at a time when office rents are seeing potential for increase for the first time in a significant period.”

Some 482.1sq m (5,189sq ft) of space in the block is vacant, with a further 708.9sq m (7,630sq ft) due to come on the letting market in the next 12 months.

If the vacant space was refurbished, it would rent for about €161.45 per sq m (€15 per sq ft).