Tuesday 21 November 2017

Top Cork retail site for some €2m

106/107 Patrick Street in Cork
106/107 Patrick Street in Cork
Peter Flanagan

Peter Flanagan

A Landmark City Centre Retail Building in the centre of Cork City has been put on the market with askign price of nearly €2m.

The property at 106/107 Patrick Street in the heart of Cork is being sold with vacant possession on the instructions of Michael Cotter of EY, who is the receiver over assets of Quills Holdings Ltd.

Lisney have been retained to sell the property by private treaty.

The four storey corner building with its extensive display windows at street level adjoins the Savoy shopping centre and is adjacent to Dunnes Stores department and grocery store directly opposite Debenhams and Brown Thomas.

The total building extends to approximately 3,490 sq ft with about 1,010 sq ft at ground floor level.

There is lift and stair access to the upper floors as well as air conditioning throughout.

The property is described as being a "unique opportunity to acquire a property for owner occupancy or investment on Cork city's main thoroughfare" by the agents.

it is one of the most distinctive buildings in the second city and is located on the main thoroughfare of the city centre.

This is the latest landmark property to hit the market in Cork in recent months.

In March a property at 4, 5 and the upper levels of 6 Winthrop Street, which is a stone's throw from Patrick's Street and is among the most popular shopping streets in the second city, went ont eh market guiding €4m.

That property, which was being handled by Cohalan Downing, was eventually sold by private treaty.

While retail rents in the prime areas of the city are still flat on recent years, there have been signs of an increase in business in the immediate areas. The fact that the lease on the WInthrop Street property had a relatively short time left to run also helped attract buyers.

Interest in the Cork market and other cities outside Dublin is growing, particularly because the market in the capital has grown so sharply in recent months.

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