No. 71/72 Patrick Street
FOR SALE
Prime Investment Opportunity No. 71/72 Patrick Street, Cork
Tenant Unaffected
No. 71/72
Patrick Street CORK
M&S
LAVITT’S QUAY
Executive Summary l
Superb opportunity to acquire a prime investment property
l
Pivotal corner location in the heart of Patrick Street and opposite The Capitol
l
Patrick Street is Cork’s premier shopping thoroughfare with all major department stores and multiples having representation on the street
l
Substantial 3 storey corner profile building that extends to 435.42 sq m (4,687 sq ft) approx.
l
The entire property is let to Boots Retail (Ireland) Ltd and the lease is guaranteed by Boots the Chemists Ltd
l
35 x 5 FRI lease from 7th October 1987 - 6 years unexpired lease term
l
Passing rent of €540,000 pa
l
Tenant unaffected by this investment sale
PAUL ST
THE PROPERTY
WATERSTONES TK MAXX
MC DONALDS ARGOS
No. 71/72
Patrick Street CORK
DEBENHAMS BROWN THOMAS
PENNEYS OPERA LANE
SUPERDRY PATRICK ST.
OASIS COAST
THE CAPITOL ENGLISH MARKET
OLIVER PLUNKETT ST.
No. 71/72
Patrick Street CORK
GR ENE CO AST
SOS TRE NE
LZ DEA
N CH IO EN CT FR NNE CO
THE PRO PER TY
LD’S ONA MCD
RY RD PE SU
S NE STO TER WA
D LAN IRE OF NK BA
The property enjoys a high profile location at the corner of Patrick Street and Peter & Paul’s Place. OS ARG
RK’S CLA
IS OAS
ITOL CAP THE
Location Cork is a bustling city with a population of 120,000 persons and a metropolitan population of over 300,000 people. The property enjoys a high profile location at the corner of Patrick Street and Peter & Paul’s Place. Patrick Street is regarded as Cork’s Premier Retail Thoroughfare, with all of the major Department Stores (including Brown Thomas, Debenhams, Marks & Spencer, Penneys & Dunnes Stores) and Retail Multiples, having representation on the street. Opera Lane, a major infill retail development (2009), is close by and occupiers include H&M, Top Shop, Next, River Island, Gap, Tommy Hilfiger, Specsavers & Skechers. The flagship Capitol development is situated opposite the subject property on Patrick Street and is expected
to attract other large scale retailers to the street. Other retailers located close by include Waterstones, Argos, Oasis, Coast, Super Dry, Monsoon, Sostrene Grene etc.
No. 71/72
Patrick Street CORK P& HO N PS TO PMA TO
M
OK LO
ES OR ST
W NE
ES NN DU
H&
D AN ISL ER RIV
RS HE EC SK
XT NE LY ON
BROWN THOMAS
Y MM TO IGER F HIL
P GA
S NEY PEN
N SOO MON
A DOR PAN
D LAN HOL RRETT & BA
Description The property comprises 71/72 Patrick Street, a six bay three storey corner profile building of traditional construction, with substantial frontage to Patrick Street and return frontage to Peter & Paul’s Place. The building is currently laid out with a self-contained retail premises at ground floor level and the upper floors are in restaurant use with independent street access. The retail premises benefits from extensive glazed frontage to Patrick Street.
Accommodation Floor
Sq m (approx)
Sq Ft (approx)
Ground
194.44
2,093
First
148.36
1,597
92.62
997
Second
Total 435.42 4,687
Intending purchasers should satisfy themselves in relation to floor areas.
Patrick Street is regarded as Cork’s Premier Retail Thoroughfare, with all of the major Department Stores.
No. 71/72
Patrick Street CORK
Tenure The property is held on long leasehold title.
Tenancy The entire property is leased to Boots Retail (Ireland) Ltd and this lease is guaranteed by Boots the Chemists Ltd. 71/72 Patrick Street is held on a 35 year term from 7th October 1987, a full repairing and insuring lease, 5 yearly upward only rent reviews and with a current 6 years unexpired term. The current passing rent is €540,000 pa and the tenant is responsible for outgoings in addition to rent. Tenant unaffected by this investment sale.
No. 71/72
Patrick Street CORK
Quoting Price €6,000,000 which reflects a Net Initial Yield of 8.62% after standard acquisition costs of 4.46%. Passing rent of €540,000 with 6 years unexpired lease term.
Solicitor Gillian Lynch, Eugene F Collins, E-mail: [email protected] Tel 01 2026400
Viewing
C1- B2
Strictly by appointment with the sole Selling Agents
Building Energy Rating
C2 C3
Ground Floor – BER Rating C2 - BER No. 800495392 Energy Performance Indicator: 1015.06 kWh/m²/yr 1.19 Upper Floors – BER Rating C3 - BER No. 800495418 Energy Performance Indicator: 790.14 kWh/m²/yr 1.45 Full BER details available on request.
No. 71/72
Patrick Street CORK
Sole Selling Agents
For further information please contact: Seamus Costello Email: [email protected] Tel: +353 21 427 5454 Peter O’Flynn Email: [email protected] Tel: +353 21 427 5454
CUSHMAN & WAKEFIELD 6 Lapps Quay, Cork t: 021 4275454 f: 021 4277246
www.cushmanwakefield.ie
Conditions to be noted 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. Cushman & Wakefield Registration Number: 002607
Prime Investment Opportunity No. 71/72 Patrick Street, Cork
Tenant Unaffected
No. 71/72
Patrick Street CORK
M&S
LAVITT’S QUAY
Executive Summary l
Superb opportunity to acquire a prime investment property
l
Pivotal corner location in the heart of Patrick Street and opposite The Capitol
l
Patrick Street is Cork’s premier shopping thoroughfare with all major department stores and multiples having representation on the street
l
Substantial 3 storey corner profile building that extends to 435.42 sq m (4,687 sq ft) approx.
l
The entire property is let to Boots Retail (Ireland) Ltd and the lease is guaranteed by Boots the Chemists Ltd
l
35 x 5 FRI lease from 7th October 1987 - 6 years unexpired lease term
l
Passing rent of €540,000 pa
l
Tenant unaffected by this investment sale
PAUL ST
THE PROPERTY
WATERSTONES TK MAXX
MC DONALDS ARGOS
No. 71/72
Patrick Street CORK
DEBENHAMS BROWN THOMAS
PENNEYS OPERA LANE
SUPERDRY PATRICK ST.
OASIS COAST
THE CAPITOL ENGLISH MARKET
OLIVER PLUNKETT ST.
No. 71/72
Patrick Street CORK
GR ENE CO AST
SOS TRE NE
LZ DEA
N CH IO EN CT FR NNE CO
THE PRO PER TY
LD’S ONA MCD
RY RD PE SU
S NE STO TER WA
D LAN IRE OF NK BA
The property enjoys a high profile location at the corner of Patrick Street and Peter & Paul’s Place. OS ARG
RK’S CLA
IS OAS
ITOL CAP THE
Location Cork is a bustling city with a population of 120,000 persons and a metropolitan population of over 300,000 people. The property enjoys a high profile location at the corner of Patrick Street and Peter & Paul’s Place. Patrick Street is regarded as Cork’s Premier Retail Thoroughfare, with all of the major Department Stores (including Brown Thomas, Debenhams, Marks & Spencer, Penneys & Dunnes Stores) and Retail Multiples, having representation on the street. Opera Lane, a major infill retail development (2009), is close by and occupiers include H&M, Top Shop, Next, River Island, Gap, Tommy Hilfiger, Specsavers & Skechers. The flagship Capitol development is situated opposite the subject property on Patrick Street and is expected
to attract other large scale retailers to the street. Other retailers located close by include Waterstones, Argos, Oasis, Coast, Super Dry, Monsoon, Sostrene Grene etc.
No. 71/72
Patrick Street CORK P& HO N PS TO PMA TO
M
OK LO
ES OR ST
W NE
ES NN DU
H&
D AN ISL ER RIV
RS HE EC SK
XT NE LY ON
BROWN THOMAS
Y MM TO IGER F HIL
P GA
S NEY PEN
N SOO MON
A DOR PAN
D LAN HOL RRETT & BA
Description The property comprises 71/72 Patrick Street, a six bay three storey corner profile building of traditional construction, with substantial frontage to Patrick Street and return frontage to Peter & Paul’s Place. The building is currently laid out with a self-contained retail premises at ground floor level and the upper floors are in restaurant use with independent street access. The retail premises benefits from extensive glazed frontage to Patrick Street.
Accommodation Floor
Sq m (approx)
Sq Ft (approx)
Ground
194.44
2,093
First
148.36
1,597
92.62
997
Second
Total 435.42 4,687
Intending purchasers should satisfy themselves in relation to floor areas.
Patrick Street is regarded as Cork’s Premier Retail Thoroughfare, with all of the major Department Stores.
No. 71/72
Patrick Street CORK
Tenure The property is held on long leasehold title.
Tenancy The entire property is leased to Boots Retail (Ireland) Ltd and this lease is guaranteed by Boots the Chemists Ltd. 71/72 Patrick Street is held on a 35 year term from 7th October 1987, a full repairing and insuring lease, 5 yearly upward only rent reviews and with a current 6 years unexpired term. The current passing rent is €540,000 pa and the tenant is responsible for outgoings in addition to rent. Tenant unaffected by this investment sale.
No. 71/72
Patrick Street CORK
Quoting Price €6,000,000 which reflects a Net Initial Yield of 8.62% after standard acquisition costs of 4.46%. Passing rent of €540,000 with 6 years unexpired lease term.
Solicitor Gillian Lynch, Eugene F Collins, E-mail: [email protected] Tel 01 2026400
Viewing
C1- B2
Strictly by appointment with the sole Selling Agents
Building Energy Rating
C2 C3
Ground Floor – BER Rating C2 - BER No. 800495392 Energy Performance Indicator: 1015.06 kWh/m²/yr 1.19 Upper Floors – BER Rating C3 - BER No. 800495418 Energy Performance Indicator: 790.14 kWh/m²/yr 1.45 Full BER details available on request.
No. 71/72
Patrick Street CORK
Sole Selling Agents
For further information please contact: Seamus Costello Email: [email protected] Tel: +353 21 427 5454 Peter O’Flynn Email: [email protected] Tel: +353 21 427 5454
CUSHMAN & WAKEFIELD 6 Lapps Quay, Cork t: 021 4275454 f: 021 4277246
www.cushmanwakefield.ie
Conditions to be noted 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. Cushman & Wakefield Registration Number: 002607
