Global property investors in race for a slice of prime Cork city retail space
A coveted spot has opened up within the retail core of Cork city.
An impressive high-street retail investment opportunity in the centre of Cork’s prime commercial street represents a truly exciting piece of news on the commercial property front. The current tenant — Carroll’s Irish Gifts — is installed on a ten-year lease and is not affected by the sale.
Irish and international investors will be drawn to this gift on an investment, Carroll’s Gifts, at 48-49 Patrick Street. It’s no surprise to see that Carroll’s have chosen to position their new retail store here in the middle of the broad elegant curve of the Southern Capital’s main thoroughfare.
“Number 48/49 Patrick Street presents in excellent condition,” says Siobhán Young, Divisional Director of Cushman & Wakefield Cork, “including HVAC, generous floor-to-ceiling heights, strong levels of natural light and a second access point suitable for deliveries.
“The building has the added advantage of extensive frontage onto both Patrick Street and Princes Street, extending to an impressive 29 metres in total, and has recently benefitted from a new tenant fitout and building upgrade works.”
The property is on the market exclusively with Cushman & Wakefield, quoting a price in excess of €2,500,000, comprising a high-profile corner three-storey building that was formerly the Burton’s department store. The entire property extends to 580m2 over three floors and including 197m2 at ground-floor retail level, where there is access at the corner of both Patrick Street and to the pedestrianised Princes Street.
The landmark building was constructed in the 20th century and as well as the aforementioned tenant fitout at ground level, it benefits from landlord upgrade works ensuring the building is being sold in excellent condition.
The high ceilings on the 1st floor make for ideal retail storage and racking space and the generous amount of retail frontage of over 29 metres (16.5 metres on Patrick Street and 12.5 metres onto Princes Street) will ensure powerful retail appeal and high footfall well into the future.
This is the retail core of Cork City and a quick scan through the illustrious list of neighbours in close proximity tells any investor all they need to know about its high-profile credentials. They include such household names as Holland & Barrett, Dubray Books, LifeStyle Sports and Boots. The famous English Market is located in the same block, accessed from a number of points, including Princes Street.
Patrick Street has seen a bucking of the trend of central retail occupation of late, with well-established names such as Brown Thomas, Dunnes Stores, Flannels, Easons and Penneys being joined by recent new additions The North Face, JD Sports, Krispy Kreme and H&M Home; with Mango due to open on the street in the coming months.
“These have reinforced the revival of both Patrick Street and the city centre,” says Siobhán. “Number 48-49 Patrick Street provides an attractive entry to investment on the street in advance of the redevelopment of the former Debenhams Store, the planned Penney's expansion and the upgrade of the former Quills store for Mango's occupation.”
Potential investors are certainly looking at a rising tide, given the overall context of the immediate surroundings coupled with close to 100% employment. The current fortunes of the tenant would appear to bear that out:
“Given the proximity of the English Market entrance off Princes Street, Number 48-49 Patrick Street is ideally pitched for occupier Carroll's Gifts whose offering will appeal to tourists,” adds Siobhán.
- Prime retail location on Patrick Street, Cork’s main shopping thoroughfare
- Located just 20 metres from the English Market entrance on Princes Street
- Covetable corner location with over 29 metres of retail frontage
- The entire building is let to Carroll’s Irish Gifts Unlimited Company t/a Carroll’s Gifts
- New 10 year FRI lease from 14th August 2023 on an annual rent of €210,000
- Tenant break option at the end of year 3 subject to 9 months’ notice
- Extending to 580m2 over 3 floors, the building is fully let and occupied
- Well presented, the building benefits from a new tenant fit out and landlord upgrade works
Guide Price: In excess of €2,500,000 exclusive.
Managing Director, Cork
T: 086 250 3944
E: peter.oflynn@cushwake.ie
Divisional Director
T: 087 185 4274
E: siobhan.young@cushwake.ie
