Prime pitch on Cork’s premier shopping street for €6.6m plus

No 113-115 St Patrick’s Street is let to Eason and offers investor 7% return

Agent Bannon is seeking offers in excess of €6.6 million for a landmark building on Cork city's most sought-after thoroughfare, St Patrick's Street.

No 113-115 St Patrick's Street has been occupied by the well-known bookseller and stationer, Eason & Son, for more than 33 years. The company is taking a new 25-year lease of the premises subject to a market rent of €500,000 per annum. This promises the building's prospective purchaser an immediate return of 7 per cent net of costs.

Located immediately opposite Merchants Quay Shopping Centre, Marks & Spencer and Debenhams, the subject property extends to 2,045.3sq m (22,017sq ft) over four storeys. The building incorporates 1,282.1sq m (13,801sq ft) of retail area across its ground and first-floor levels.

Internally the ground and first-floor retail areas are open-plan and underwent a complete refurbishment in 2013.

St Patrick's Street has long been recognised as Cork's foremost shopping district. Eason's neighbours include a number of premium high street brands such as Brown Thomas, Tommy Hilfiger and Pandora, together with a wide array of local, national and international retailers including Penneys, Dunnes Stores and Lifestyle Sports.

Alexandra Patterson, who is handling the sale on behalf of Bannon, said: "This investment opportunity is likely to appeal to a range of local, national and international investors given its prime position on St Patrick's Street, large retail floor plates and established tenant."

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times

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