Cork city centre office investment offered for sale at €2.5m

Joint agents Lisney and Savills are quoting €2.5 million for an office investment at 1-2 George's Quay in Cork, which is to be sold on the instructions of receiver Shane McCarthy of KPMG.

The adjoining blocks have an overall floor area of 1,455sq m (15,662sq ft) and are producing an annual rent roll of €196,264.

New owners can bank on an initial yield of 7.5 per cent.

Number 1, a three-storey, fully-restored and refurbished building at the corner of George’s Quay and White Street, is partially occupied with a dentist on the ground floor.

The two other floors are vacant.

The ground, first and second floors of 2 George's Quay are let to CKT Office Services, trading as Comyn Kelleher Tobin Solicitors, on leases that will expire in 2023 and 2024 with no break options.

The third floor is let to Otterbox Ireland on a five-year lease from 2015 with a break option in October, 2017.

The offices are centrally located at the eastern end of George’s Quay, close to its junction with South Terrace, in an attractive riverfront location