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Lot 235 St. Nicholas Church, Cove Street, Cork City, Co. Cork

Bidding Closed

SOLD FOR

€1,600,000

Property Enquiries

Gillian Earley

gillian.earley@bidx1.com
+353 (0)1 667 3388
+353 (0)87 965 4555

Viewing/ Registration Enquiries

BidX1 Support Team

info@ie.bidx1.com
+353 (0) 1 667 3388

Vendor Solicitor

Andrea McGurn

andrea.mcgurn@dwf.law
+353 1 790 9400
Description
Map
Viewings

Addendum
Please be advised of the inclusion of the Closing Date and Special Condition 23 of the Contract for Sale. Please be advised the following documents have been included to the legal pack • Copy Mortgage dated 21 May 2004 • Copy redacted Deed of Transfer dated 17 June 2016
Property Summary
  • An office investment within a former church building.
  • Comprising a detached gothic revival church built in the 1850's.
  • Situated on an elevated site extending to approximately 0.16 Ha (0.39 ac).
  • Prime city centre location.
  • 25 car parking spaces.
  • The entire let to The Commissioners of Public Works in Ireland.
  • Lease expiry 2025.
  • A licence agreement with Meteor Mobile Communications Limited from 2000.
  • Total current rent reserved €209,515 per annum.
  • Net initial yield 15.87%.
Location
  • Cork is the second largest city in Ireland with a population of some 210,000 people (as of the 2016 Census).
  • The city is located approximately 119km south west of Waterford, and approximately 95km south of Limerick.
  • The M8 is situated approximately 7km to the east of the city centre and provides access to Dublin and the north east.
  • The property is situated off Cove Street which adjoins St. Nicholas Church Lane to the rear.
  • The property runs parallell to O'Sullivan Quay, within walking distance to Patrick Street and the South Mall, the prime retail and office locations.
Description

The property is arranged to provide a detached gothic revival church which was built in the 1850's.  The property was formerly used by the Church of Ireland.  Internally there are 3 x floors of cellular offices together with storage at basement level. The property benefits from 25 car parking spaces.

The property stands on an elevated site extending to approximately 0.16 Hectares (0.39 acres) which excludes the burial grounds which are within the natural curtilage of the property.

Accommodation

VAT
Please refer to Legal Documents
Property Table

The property was not internally inspected or measured by BidX1. The information was provided by the Vendor and it is an approximate measurement;

 Present LesseeAccommodationSize (Sq.m)Size (Sq.Ft) Lease TermsCurrent Rent € p.a
 Total1,500 sq.m16,145 sq.ft €209,515 p.a. 
The Commissioners of Public Works in IrelandOffice1,50016,14520 year lease from 01.11.2005 with 5 yearly rent reviews. Subject to a Deed of Variation in 2015.€200,000 p.a.
Meteor Mobile Communications LimitedTower / Spire - -

A 5 year licence agreement from 24.10.2000.  Licensee shall have exclusive right to renew for three x 5 year terms. Subject to a Deed of Variation in 2013.

€9,515 p.a.
BER Details

We are informed by the Vendor that the property is BER exempt.


No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.


Contact Gillian about this property