Part Ground Floor/Third Floor, City Quarter, Lapps Quay, Cork

€6,000,000

Beds
Price	€6,000,000
Property Type	Investment Property
Size	2470 meters²
Energy Rating	BER-C1
Refreshed on	Oct 31, 2024
Eircode
Group Name	Sherry FitzGerald Commercial
Sales License Number	001628

Description

Investment Highlights • Landmark mixed use office and retail/restaurant investment opportunity • Located within the well known City Quarter development situated in a prominent position adjacent to Cork Docklands. • Current rent of 449,740 per annum exclusive. • Excellent tenant line up including Goodbody Stockbrokers, Glandore Serviced Office Providers and Cornmarket Group Finance Services Ltd. • 80% occupancy with potential to secure tenants and grow income by astute asset management. • Approx. 2,470 sq m (26,586 sq ft). • Tenants are not Affected by the Sale. • Available in one or more lots. The Opportunity The subject property comprises of a part ground floor and third floor extending to 26,586 sqft which forms part of a larger multi storey building known as City Quarter. The third floor comprises 5 no. office suites laid out around a central service core.The offices are fitted to an extremely high standard with raised access floors, extensive natural light and panoramic views of the City and River Lee. The third floor is fully occupied under various leases and the total passing income is 431,000 per annum. Tenants include Glandore Business Centre, NIB Travel Insurance, GJ Moloney Solicitors, Cornmarket Group Finance Services Ltd and Goodbody Stockbrokers. The ground floor is mixed use and comprises a vacant fully fitted own door office suite, a self-contained fitted restaurant unit and glazed standalone coffee dock situated on the boardwalk adjacent to the scheme, occupied by Café Gusto. The office suite and restaurant are currently vacant. The common areas of the building have recently undergone a full refurbishment. The remainder of the City Quarter development boast occupiers such as EY and Orsted with Employee communication platform Workvivo by Zoom recently launching a new hub within the development creating 100 new jobs. Location City Quarter is a landmark five storey mixed use commercial development located on Lapps Quay in the heart of Cork's central business district. City Quarter, constructed in 2005, comprises a mixture of offices and restaurants adjacent to the four star 191 bedroomed Clayton Hotel over a double basement car park with 280 spaces and is within minutes walking distance of Patrick Street, South Mall and the bus and train stations. The development overlooks the southern channel of the River Lee is and adjacent to Cork Docklands which is currently the primary focus of office development in the city. Cork which is Ireland's second largest city and largest county has a population of 220,000 in the metropolitan area with just over 540,000 in the county. Cork is the main commercial, retail and education centre in the south of Ireland and it has a track record of attracting significant multinational investment. Cork is home to global market leaders in pharmaceutical, healthcare, information and communications technology, biotechnology, professional and international financial services. Many of the world's leading corporate occupiers are located in the Cork region including Apple, Amazon, Dell EMC, IBM, Pfizer, Glaxosmithkline, McAfee, Lilly, VM Ware, Boston Scientific, Stryker, Pepsi, Trend Micro and Gilead. Cork has an international airport with direct scheduled flights to many cities in the UK and Europe. The city has good bus and rail links including a commuter train service to Mallow, Midleton and Cobh. It has an excellent road infrastructure including the M8 Motorway to Dublin. Cork has two third level institutions, University College Cork and Munster Technological University with a student population of over 40,000. Tenancy Full details available on request. Dataroom Details available on request. Receiver Gerard Murphy c/o Gerard Murphy & Co, Chartered Certified Accountants. Joint Agent H Property, 82 South Mall, Cork

Accommodation

BER Details

BER: C1 BER No: 800003246 Energy Performance Indicator: 76 kWh/m²/yr

Negotiator

David McCarthy

Description

Accommodation

BER Details

BER: C1 BER No: 800003246 Energy Performance Indicator: 76 kWh/m²/yr

Negotiator

David McCarthy