Lot 185 66 St Patrick Street, Cork City, Co. Cork, T12 AE14

Bidding Closed

SOLD FOR

€970,000

Property Enquiries

Robert Hefferon

robert.hefferon@bidx1.com
+353 (0)1 667 3388
+353 (0)87 799 0435

Viewing/ Registration Enquiries

BidX1 Support Team

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

Vendor Solicitor

Robert Simmons

rsimmons@byrnewallace.com
+353 1 691 5000
Description
Map
Viewings

Addendum
Please be advised of the inclusion of Document 4.2 in the Document Schedule and the amendment to Special Condition 22.3 in the Contract for Sale. A new Special Condition 4.8 has been added of the Contract for Sale to address correspondence received from the Tenant’s solicitor on 12 May 2021 and a redacted copy of the said correspondence has been added at Document 5.2 and 5.3 of the Document Schedule of the Contract for Sale.
Property Summary
  • A prime retail investment.
  • Comprising retail unit at ground floor and four floors of ancillary accommodation overhead.
  • Extending to approximately 438 sq. m (4,718 sq ft).
  • Let to Sirocco Foods Ltd & Tonsure Ltd t/a Spar.
  • Lease expiry 2028.
  • Established prime retail location with high volume of footfall.
  • Current rent reserved €85,000 per annum stepping to €90,000 per annum in years 4 & 5.
  • Net initial yield 8.58%.
Location
  • Cork is the second largest city in Ireland with a population of some 210,000 people (as of the 2016 Census).
  • 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 on Patrick Street, Corks primary retail street.
  • Surrounding occupiers include Marks and Spencer, McDonalds and Dunnes Stores.
Description

The property is arranged to provide a mid terraced commercial property. Internally the property comprises a ground floor retail unit together with four storeys of ancillary accommodation overhead. The property benefits from dual access from Patrick Street to the front and onto Paul Street at the rear.

Total floor area extending to approximately 438 sqm (4,718 sq ft).

Tenancy

The entire property is at present let to Let to Sirocco Foods Ltd & Tonsure Ltd t/a Spar for a term of 10 years from 16th March 2018 at a contractual rent of €85,000 per annum, exclusive of rates and VAT. The rent is stepped to €90,000 per annum years 4 & 5 and provides for a CPI linked rent review in year 5.

VAT
Please refer to Legal Documents
Property Table
FloorAccommodationSq.mSq.ft
GroundRetail1531,647
1stStorage & Ancillary1641,765
2ndStorage & Ancillary40.6437
3rdStorage & Ancillary40431
4th/AtticStorage & Ancillary

40.7

438
Total 4384,718

 

BER
Number

800782559

Energy Performance Indicator

458.45 kWh/m²/yr
2.81


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.


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