Wednesday 18 September 2019

Cork's Half Moon Street for sale with €34m guide price

Mixed-use asset: Half Moon Street development
Mixed-use asset: Half Moon Street development
Donal Buckley

Donal Buckley

O'Callaghan Properties has placed the Half Moon Street development in Cork City Centre on the market with a guide price of €34m - reflecting an initial yield of 7.07pc. Savills and CBRE are handling the sale.

Developed in 2009, the mixed-use asset generates a current gross annual income of €2,606,500 and is one of the most significant prime investment opportunities to launch to the market in Cork in recent years.

Situated in an attractive waterfront setting on Lavitts Quay, the building was designed by Wilson Architecture and is anchored by Apple Europe and Boots pharmacy. The building extends to 119,589 sq ft of retail and Grade A office accommodation and other tenants include Henry J Lyons - one of Ireland's leading architectural practices - in addition to Matthews, the clothing and footwear retailer, and Kopper Hair Salon.

The grade A office space is currently let to Apple Europe at €22 per sq ft, which offers significant reversionary potential given recent lettings for newly-built office space in Cork have reached €32.5 per sq ft.

Other notable asset management opportunities include letting the currently vacant retail space at ground and lower ground floor level.

In another boost to the Cork market, The Ireland Strategic Investment Fund (ISIF) recently announced €35m investment in a new Quadrant-managed fund that will provide financing of up to €120m for office development.

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