Prime retail investment in heart of Cork

A prime retail investment in the heart of Cork city centre is guiding at more than €500,000 through DTZ Sherry FitzGerald.

The investment, at 2-3 Princes Street, is producing a rent roll of €38,976 per annum. It is let to Simon Hart Ltd (trading as Korky's) under three leases. The tenant is unaffected by the sale.

Princes Street is a busy pedestrianised area that links Oliver Plunkett Street to Patrick Street.

Neighbouring occupiers include GameStop, Clarks, Oasis, Holland and Barrett, Fat Face, Ann Summers, Ecco, Starbucks, Iago, Cummins Sports, and Rocket Man.

The main entrance to Cork’s famed English Market is opposite No 2-3.

Also close by is the planned €50 million Patrick Street “Capitol” development where demolition works have started on a 7,897sq m (85,000sq ft) five-storey retail and office scheme. This will include a food innovation centre/tourist area fronting onto both St Patrick Street and Grand Parade, and will be a fine addition to the western end of Patrick street.

No 2-3 Princes Street is a four-storey, mid-terrace building with retail on the ground floor and storage and ancillary accommodation on first, second and third floors.

The ground floor retail area extends to 71.5sq m (770sq ft) and the entire building to 217sq m (2,335sq ft).

Séamus Costello, a senior surveyor with the agent, says that this is an excellent opportunity to acquire a retail investment property occupying a prime position on one of Cork city’s most popular retail streets.

“The property is likely to appeal to a broad range of investors due to the favourable lot size and quality of the product,” says Costello.