I'm looking for:

66 Patrick Street, Cork City, Co. Cork

INVESTMENT OPPORTUNITY - TENANTS UNAFFECTED

INVESTMENT HIGHLIGHTS 

  • Situated in a prime high footfall location on CorkTM principal shopping street 
  • High profile with double frontage to Patrick Street 
  • New 10 Year Lease from April 2018
  • Current passing rent of 80,000 per annum, stepped to 90,000 per annum over first 5 years.
  • CPI Linked Rent Review Provision

Location:

  • Cork with a population of 300,000 people in its wider metropolitan area is the Republic of IrelandTM second largest city the premier retail, commercial and administrative centre in the south.
  • It is also an established University City with approximately 30,000 resident students in various third level institutions.
  • Cork has attracted many large multi-national companies in the ICT, pharmaceutical, healthcare, biotechnology, food and business sectors.
  • Key companies who have chosen Cork include Apple, Dell EMC, Amazon and Intel. Patrick Street is CorkTM principal shopping street and is home to several large department stores such as Brown Thomas, PenneyTM, Debenhams, Dunnes Stores and Marks and Spencer as well as many multi-national retailers.
  • MerchantTM Quay shopping centre, Opera Lane and the Capitol Development are all located on the street.
  • The property is situated on the western end of Patrick Street, adjacent to the Grand Parade junction in close proximity to the recently completed high-end Capitol Development.
  • Immediately adjacent occupiers include Boots, McDonalds, Waterstones, Argos, Dealz, Sstrene Grene and Bank of Ireland.
  • The property is also situated in close proximity to the world renowned English Market.

Description:

  • 66 Patrick is a substantial high profile retail property extending to an overall floor area of approximately 4,718 sq ft (438.3 sq m) incorporating 1,647 sq ft (153 sq m) of ground retail.
  • The property has the benefit of double frontage of approx 20 ft to Patrick Street and second frontage of approx. 20ft to Paul Street which is a high footfall retail street in its own right.
  • The property comprises a mid-terrace three storey plus attic traditional building fronting Patrick Street, with a two storey extension to the rear fronting Paul Street.
  • Internally the ground floor retail area is fitted out to the highest standards trading as a Spar Convenience Store with ancillary storage and staff areas on the uppers floors.
  • While the properties enjoy exceptional covenant strength, particularly with HSS as a PLC, the offering is further enhanced by its unrivalled profile location which occupies an exceptional position directly off the Kinsale Road Roundabout, approximately 3 km south of Cork City centre.

Accomodation: 

  • Ground Floor: Retail - 153 SQM / 1647 SQFT
  • Frist Floor: Storage & Ancillary - 164 SQM / 1765 SQFT
  • Second Floor: Storage & Ancillary - 40.6 SQM / 437 SQFT
  • Third Floor: Storage & Ancillary - 40SQM / 431SQFT
  • Fourth Floor/Attic: Storage & Ancillary - 40.7 SQM / 438 SQFT
  • Total Area Approx - 438.8 SQM / 4717 SQFT

Tenancy Synopsis:

  • (Further lease details available strictly on request to identified parties)
  • Let to Sirocco Foods Ltd & Tonsure Ltd t/a the OTMare Group on a 10 new year lease from 16th March 2018 at a stepped rent of Yr 1: 80,000 pa, Yr 2: 80,000 pa, Yr 3: 85,000 pa, Yr 4: 90,000 pa, Yr 5: 90,000 pa .
  • The lease provides for a CPI linked Rent Review at the end of Yr 5.

Solicitor Details: 

  • Paudie O Mahony Babington Clarke & MooneySolicitors 48 South Mall Cork Phone: 021- 4273004

Viewing Strictly by prior appointment with Sole Agents; Rob Coughlan and Brian Olden 

  • 1,100,000
  • Area 438 Sq.M
  • 4718 Sq.Ft
  • Other Information investment property

+353 21 427 7717

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  • Society of Chartered Surveyors Ireland
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