South Mall office for €4m

Joint agents JLL and Downing Commercial are quoting €4 million for the prestigious Hibernian House office building on the South Mall in Cork city which is to be sold on behalf of Aviva Investors.

The investment is currently producing rents of €210,540 from four separate tenancies with 83 per cent of the income coming from the Department of Agriculture and the Legal Aid Board who occupy two floors.

The 3,547sq m (38,185sq ft) building was developed in the late 1970s behind the Victorian Italianate style façade which dates back to 1858 when it served as the Cork County Club.

Three of the six floor are currently vacant. The guide price will equate to a capital value of €105 per sq ft.