The Flying Enterprise Complex, Sullivans Quay , Cork City, Cork

POA

Beds
Price	POA
Property Type	Investment Property
Size	2283 meters²
Energy Rating	BER-B2
Refreshed on	Feb 26, 2025
Eircode	T12 H64Y
Group Name	Cohalan Downing
Sales License Number	001641

Description

Excellent opportunity to acquire a substantial City Centre iconic licensed hospitality venue with potential for further development. The complex incorporates a number of mixed-use elements with valuable rental income. For Sale in one or more lots. Lot 1: The Flying Enterprise licensed premises and Courtyard with newsagent/off-licence at ground floor level, first floor restaurant. There are five no. apartments/penthouses on the second and third floors which are fully let generating €105,000 per annum gross. Lot 2: A commercial investment let to Munster Technological University with an income of €80,000 per annum exclusive. Lot 3: A two-storey former school building fronting Sullivans Quay with current planning permission to extend and create new entrances. Lot 4: The entire complex. THE LOCATION Located in the heart of Cork Citry Centre in a high-profile corner location with frontages to Sullivans Quay, Sober Lane, Cove Street and Barrack Street and overlooking the south channel of the River Lee. The property is immediately adjacent to the potential Events Centre site on South Main Street and within minutes’ walk of Grand Parade, Patrick Street, South Mall and Washington Street. The complex is also within a 10 minute walk of the main UCC campus with tourist destinations including St. Finbarrs Cathedral, The Elizabeth Fort and Nano Nagle Place close by Cork City is located on the south coast and is the second largest city in Ireland with a city population of 225,000, combined with Cork County the population is 584,000 in the current census. The city is know for its vibrant and thriving music and arts scene hosting a number of festivals and events throughout the year including the annual Jazz Festival in October each year and music events including "Live at the Marquee" every summer and live music concerts and sporting events in Pairc Uí Chaioimh and Virgin Media Park. THE PROPERTY The entire property is on a site of approximately 0.5 acres / 0.2 hectares The Flying Enterprise Bar/Lounge with Captains Table Restaurant and Apartments/Penthouses: The Flying Enterprise Bar/Lounge and Cabin area with Captains Table at first floor level together with a ground floor convenience store/newsagents incorporating an off-licence. The accommodation is contained in a part basement, ground and first floor with restaurant and kitchen at first floor level and five no. apartments/penthouses on the second and third floors. The Courtyard on Sober Lane: Ground Floor This area can be independently accessed from Sober Lane and from the Flying Enterprise Bar and Lounge areas. It comprises the Quarter Deck bar and lounge with lower deck area covered by an extensive awning and leading to an open courtyard. This element of the property has a combined indoor/outdoor seating area for approximately 700 patrons. The Quarter Deck has an extensive bar area to serve the entire area. There are also offices and a cold room area off of ground floor level. Off the courtyard there is a single-storey lean-to building with ladies and gents’ toilets as well as an inhouse laundry are for the complex. The Courtyard First and Second Floors The upper floors of the Courtyard building are self-contained, in education use and let to Munster Technological University. They are laid out with classrooms with independent access from Sober Lane. Former School Building This building comprises a two-storey building fronting Sullivans Quay/ Sober Lane with planning permission for a function room and new entrances. THE HISTORY Named after the “SS Flying Enterprise” the complex has been successfully operated by the O’Shea Family since 1980 and has been expanded significantly over the years by the owners who have developed a reputation as operating a quality licenced premises. THE OPPORTUNITY The complex represents a rare opportunity to acquire a substantial City Centre licenced hospitality business with unique features including its extensive external deck/courtyard. The property, due to its scale, central trading position and layout, offers further potential to expand its licenced offering with existing planning permission for the former school building fronting Sullivans Quay. There is valuable rental income of €185,000 per annum from five no. apartments/penthouses and a commercial investment. TOWN PLANNING The property is zoned “City Centre” in the current development plan 2022-2028. PLANNING PERMISSION The property has the benefit of planning permission referenced TP14/3623O: reference PL2A.245949 for extension to the side and rear of the former school building fronting Sullivans Quay and as well as change of use for the existing ground floor to a function room, bar and restaurant with ancillary outdoor seating area as well as new entrances. LICENCE 7-day Publicans Licence, Restaurant Certificate, Wine retailers off-licence. FURNITURE & EFFECTS Inventory of the furniture and effects included in the sale available on request. TUPE The sale of these licensed premises is subject to the European Communities (Protectionof Employees on Transfer of Undertakings) Regulations 2003 (“TUPE”). TITLE Freehold

BER Details

BER: B2 - G

Description

BER Details

BER: B2 - G