Sunday 15 July 2018

First covered mall in the country is put on market for under €1m

The interior of Winthrop Mall, Cork
The interior of Winthrop Mall, Cork
A view of Winthrop Mall from the exterior

Peter Flanagan Commercial Property Editor

One of the oldest shopping arcades in the country is up for sale for just under €1m.

Lisney have been instructed to sell Winthrop shopping mall in Cork City by private treaty.

The agents are guiding €950,000 for the deal, which does not affect the tenants already in place on the site.

The mall was the first covered shopping mall in the country when it opened in 1926.

It has nine retail outlets at ground floor level fronting on to the central mall, and there is a separate retail unit fronting Robert Street.

It has a net floor area of 4,574 sq ft, according to Lisney.

Seven of the nine units are currently let to local fashion retailers, a flower shop and hair/beauty tenants. The upper floors comprise mainly stockroom accommodation.

Most of the leases in the mall are short term ones, as is the self-contained unit on Robert Street which is let to a tattoo studio.

The longest lease expires in 2018.

The investment currently produces a rental income of €87,500 per annum exclusive with a total actual and estimated income of €116,500 per annum on the basis that the remaining two units are let.

The rental income is exclusive of service charge, insurance and rates which are the tenant's liability.

Winthrop Mall has entrances from Winthrop Street and Oliver Plunkett Street, extending through to Robert Street on the main thoroughfare in the second city.

The property forms part of the "retail core" of the city centre on the pedestrianised Winthrop Street and the pedestrian priority zone of Oliver Plunkett Street opposite the GPO. Number 9 Robert Street is located on the east side of Robert Street at its southern end close to its intersection with Oliver Plunkett Street.

It is available on a freehold basis. Interested parties should contact Margaret Kelleher at Lisney in Cork.

Irish Independent

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