Cork city centre building at €795k offers 7.95% yield

Agent Lisney is guiding a price of €795,000 for a fully-let investment in Cork city centre. Number 80-81 Oliver Plunkett Street is producing annual rental income of €69,500, offering the prospective purchaser the opportunity to secure a net initial yield of 7.95 per cent with significant reversionary potential.

The subject property occupies a high-profile location at the junction of Princess Street and Oliver Plunkett Street, and is situated adjacent to the city’s renowned English Market. Neighbouring occupiers include The Body Shop, JoJoMaman Bebe, Love Lisa, Monas Antiques and The Wine Buff. The southern part of Princess Street is now fully pedestrianised, with outdoor seating/dining areas provided by restaurants on the street.

The building comprises a landmark four-storey corner property extending to 198sq m (2,131sq ft). The ground floor retail unit and first-floor offices are occupied by the Irish Examiner, which is a part of the Irish Times Group.

The second floor is occupied by Tawan Thai Therapy, while the third floor is home to the offices of Conor Buckley & Co Solicitors. The upper floors have separate access from Oliver Plunkett Street. The current rental income is €69,500 per annum, with scope for further rental increases at lease renewal.