Tuesday 19 November 2019

Patrick Street retail unit for less than €2m

DTZ Sherry Fitgerald is seeking €1.8m for this Patrick Street property
DTZ Sherry Fitgerald is seeking €1.8m for this Patrick Street property

Peter Flanagan

DTZ Sherry FitzGerald has been retained as agents for a retail property in the centre of Cork City which the firm is describing as "superb".

DTZ are seeking €1.8m for the property which is located at 47 Patrick Street.

According to the agents, the property occupies a "high profile, prime location" on the corner of Patrick Street and Prince's Street in the city centre.

The investment is for sale by private treaty and DTZ is the sole selling agent for the property.

The property comprises a "striking" four storey corner building fronting Patrick Street with return frontage to Princes Street. The building is laid out with retail and some storage at ground floor and the upper floors are utilized for ancillary and storage accommodation.

The retail premises benefits from extensive street frontages and display windows to both Patrick Street and Princes Street. The building extends to a total floor area of 348.80 sq m (3,755 sq ft).

The entire building is leased to GameStop Limited on a 10 year FRI lease from 19 November 2014 at an initial rent of €135,000 per annum exclusive. The lease provides for a rent review at the end of year five to market rent, a tenant break option at the end of year seven with a 12 month notice period, and the tenant is responsible for all outgoings additional to rent.

The tenancy is unaffected by this sale.

Patrick Street is Cork's premiere retail street with all the major department stores and retail multiples having representation on the street.

Prince's Street is also a busy pedestrian street and acts as one of the main interconnecting streets between Patrick Street and Oliver Plunkett Street and also has what is said to be the busiest entrance to the English Market.

Occupiers in the vicinity of the property include Clark's, Oasis, , Coast, Vero Moda, Monsoon, Lifestyle, French Connection, Superdry (fitting out), Fat Face, Starbucks, Ecco, Ann Summers and Swarovski.

GameStop Corporation is a Fortune 300 and S&P 500 company, GameStop operates more than 6,600 stores across 15 countries. GameStop Ltd an Irish company operates over 40 retail outlets in Ireland.

Seamus Costello, DTZ Sherry FitzGerald noted "this is a superb retail investment property which ticks all the right boxes: a trophy building, prime high footfall Patrick street location, attractive covenant and lease terms".

The sale of the Gamestop property is just the latest in a string of Patrick Street area properties that have been brought to market in recent months, as the recovery moves far beyond Dublin and into the second city and other parts of the country.

Separately, plans have been drawn up to redevelop the former Capitol Cinema site on Grand Parade as part of a €50m office and retail development.

The plans for the site include over 95,000sq ft of retail and office space capable of accommodating up to 450 employees.

It is also expected that access to the historic English Market may be greatly improved, with Market Lane, which runs between the market and Patrick Street, expected to be opened up.

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