Global property investment company Kennedy Wilson has bought Cork's Half Moon Street for €36.3 million.
The mixed use development, which was finished in 2009, overlooks the River Lee in Cork’s city centre, and includes office space and 63,000 sq ft of retail space let to two tenants. It is located within walking distance of Opera Lane and Patrick Street, the city’s main shopping streets, and the Elysian, a development comprising apartments and retail units, also owned by Kennedy Wilson.
"Half Moon Street is one of the most prominent buildings in Cork city centre. This attractive acquisition adds a high-quality, well-located mixed-use asset to our Cork portfolio at a significant discount to replacement cost and represents a renewed commercial presence for Kennedy Wilson in the city," said Peter Collins, president of Kennedy Wilson Europe.
“We are excited by the potential for value-enhancing asset management angles and are confident in Cork’s fundamentals as a top European city, underpinned by its lower occupancy costs relative to Dublin, strong connectivity both for travel and telecoms and future growth prospects.”