GVA Donal O Buachalla is offering investors a prime opportunity to acquire a high-end commercial - investment property fronting St. Patrick Street in the city centre of Cork
The property occupies a high-profile corner position adjacent Bank of Ireland and opposite the new Capitol development. St. Patrick Street is considered the premier high street retail district in Cork City Centre and enjoys excellent footfall.
The three-storey property has a total floor area of approximately 437.1 sq. m. (4,705 sq. ft.) and comprises a substantial retail premises on ground floor with the upper floors fitted out for restaurant use, which has separate access also from St. Patrick St.
The entire property is leased to Boots Retail (Ireland) Ltd under a 35-year lease from the 7th of October 1987. The lease is guaranteed by Boots Chemists Ltd and is held on a full repairing and insuring basis (FRI) incorporating 5 yearly upward only rent reviews. The current lease has the benefit of 4 years 7 months unexpired lease term. The current passing rent is €540,000 per annum
The property is for sale by Private Treaty and the selling agents are guiding €5,750,000, based on the current rental income of €540,000 per annum would represent an attractive net initial yield for purchasers of 8.65%.
The property is likely to be of interest to Irish and international investors alike due to the property's prime city centre location, strong tenant covenant and a favourable full repairing lease.
For further information please contact Evan O’Reilly and Patrick Kirwan, GVA Donal O Buachalla, 86 Merrion Square, Dublin 2. Tel – 01 6762711.