Water­stones build­ing in Cork’s Patrick Street on sale for €6.25m

In­vest­ment in the dou­ble-fronted prop­erty will show an ini­tial yield of 11.36 per cent Book­seller’s an­nual €770,000, 35-year lease has an­other 5.25 years to run

The Irish Times - Business - - BUSINESS COMMERCIAL PROPERTY - JACK FA­GAN

A high-pro­file busi­ness premises oc­cu­pied by Water­stones book­shop at 68-69 Patrick Street in Cork city cen­tre goes on sale from today at €6.25 mil­lion.

Based on the an­nual rent of €770,000, the in­vest­ment will show an ini­tial yield of 11.36 per cent af­ter al­low­ing for stan­dard pur­chas­ing costs, ac­cord­ing to sell­ing agent CBRE.

The lat­est in­vest­ment op­por­tu­nity on Cork’s main re­tail thor­ough­fare comes as Sav­ills has reached agree­ment on the sale of two of the three shops it first of­fered for sale on the same street last March on be­half of the pen­sion fund IPUT.

One of these, num­bers 74-75, is oc­cu­pied by Sostrene Grene at an an­nual rent of €230,000 while the sec­ond store, at num­ber 73, is let to Abrake­babra at €190,000 per an­num.

The third IPUT build­ing to have been of­fered for sale, num­ber 79, is rented by Car­phone Ware­house at €190,000 per an­num.

Lease

Mean­while, the dou­ble-fronted Water­stones build­ing, which is ex­pected to at­tract con­sid­er­able in­ter­est, has an over­all floor area of 1,050sq m (11,367sq ft), in­clud­ing 590sq m (6,353sq ft) at street level. The build­ing has the ad­van­tage of a dou­ble frontage of 10m on to Patrick Street and 11m on to Paul Street, which has a high foot­fall in its own right. Water­stones’ 35-year lease from March 1988 has 5.25 years to run.

Ac­cord­ing to Brian Ed­wards of CBRE, the re­tail in­vest­ment was likely to ap­peal to an in­ter­na­tional mar­ket as well as Ir­ish in­sti­tu­tional funds and pri­vate in­vestors anx­ious to se­cure a

Water­stones, 68-69 Patrick Street, is the lat­est in­vest­ment op­por­tu­nity on Cork’s main re­tail thor­ough­fare.

pres­ence on Cork’s prin­ci­pal shop­ping street.

Natalie Bren­nan of CBRE said the re­cent pur­chase of the Cap­i­tal Scheme by Real IS for €45.6 mil­lion on the op­po­site side of the street was widely viewed as an en­dorse­ment of Cork city as a vi­able al­ter­na­tive in­vest­ment lo­ca­tion to Dublin.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.