Digital Sale
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Paul Street Shopping Centre, Paul Street, Co. Cork, T12 X8DK

Digital Sale
Ireland
Retail
Commercial

Asking price €1,950,000

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Property Summary

  • Cork City Centre Shopping Centre
  • Passing Rent of €311,500 p.a. with a NOI of €283,222 p.a.
  • Net Initial Yield of 13.2% (on NOI) with excellent reversionary potential
  • Extending to a retail floor area of 13,793 sq ft
  • Direct mall access to adjacent car park with 730 parking spaces
  • Tesco and car park not included
  • Tenants not affected

Contact Us

Nana Collins
Nana Collins
Property Agent, here to help.
Johnny O'Connor
Johnny O'Connor
Property Agent, here to help.
Patrick Ahern
Vendor's Solicitor

Contact Us

Nana Collins
Nana Collins
Property Agent, here to help.
Johnny O'Connor
Johnny O'Connor
Property Agent, here to help.
Patrick Ahern
Vendor's Solicitor

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Property description

Paul Street Shopping Centre is one of the first modern shopping centres and urban regeneration projects, opening its doors to customers in 1985.

The centre is situated in the heart of Cork City and comprises of 19 independant retail units within a covered mall area. Paul Street Shopping Centre is anchored by a large Tesco store (not forming part of this sale) drawing consistent footfall through the centre.

The centre is adjacent to a large city centre multi storey car park with direct access to the retail floor providing easy access for shoppers.

The overall retail area extends to a NIA of approx. 13,793 sq ft primarily over ground floor with a total of 14 tenants.

There are currently 5 vacant unit creating an asset management opportunity and increase rental income.

This property presents a unique opportunity to repurpose and modernise the Shopping centre while incorporating the front outside Square into the retail offering.

Location

Paul Street Shopping Centre occupies a high profile site in the heart of Cork City Centre just 100 metres from Patrick Street, Cork’s premier retail thoroughfare. Adjacent occupiers to the Centre include Tesco, Boots, Nandos, Opera Lane and the Cornmarket Centre.

Tenancy

UnitTenantNet Area GF Sq FtMezz Sq FtLease StartLease ExpiryYrs to BRK / EXPCurrent Rent
1 & 2The Polish Shop*1,1890OverholdingOverholding0€30,000
3Vanilla Sky96257801-Oct-1628-May-318.29€30,000
4Elysees / Zacros Barber**826001-Aug-2231-Jul-329.47€14,000
5N/A701429N/AN/AN/A€0
6aN/A3260N/AN/AN/A€0
6bLee Travel262006-Oct-1030-Jun-274.38€17,000
7Bennetts Shoe Repair219001-Jun-2031-May-252.3€15,500
10 / 10aE Smoke Store453014-Jan-1813-Jan-284.92€33,000
10bPrime Café254015-Aug-2018-May-252.27€15,000
11Other Realms3,964029-Mar-0429-Apr-318.21€40,000
EMU 1 / 2Twilight News1,145030-Sep-2015-Nov-252.76€40,000
EMU 3Acupuncture and Herbs529017-Oct-1920-Oct-241.69€26,000
EMU 4 /EMU 5O'Briens****1067001-Jun-2131-May-263.3€0
EMU 6a / EMU 6bWear We Wander Limited27813701-Jun-2030-Jun-262.39€20,000
EMU 7Phone Shop83001-Apr-1830-Jun-252.38€15,000
EMU 8N/A3100N/AN/AN/A€0
EMU 9N/A810N/AN/AN/A€0
KioskPhone Shop00TBC30-Jun-252.38€6,000
8Clearhill***00 28-Feb-260€10,000
Total            12,649         1,144  WAULT
4.0 Yrs
€311,500

 

* New 10 year lease agreed with break at year 5 at €30,000 p.a. with anticipated lease commencement from 01/03/2023.

** New Lease for 10 years  from 1 August 2022 out for execution.

***New Licence in legals at €10,000 plus Commissions in legals.

****New lease for 10 years out for execution.

VAT

Please refer to Legal Documents

BER Rating

B3 - E2


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*Terms & Conditions

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 interested parties 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.