113-115 Patrick St. / 2-5 Drawbridge St., Cork

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113-115 Patrick St. / 2-5 Drawbridge St., Cork

• Situated in a prime high footfall location on Cork’s principal shopping street
• High profile building directly opposite Merchants Quay Shopping centre and M&S
• Substantial building of approx. 2,045.3 sq.m. (22,017 sq.ft) NIA
• 25 year lease to Eason Ltd. with 10 years term certain and parent guarantee
• Attractive Net Initial Yield of 7.0% off a market rent of €500,000 p.a.
• For more information please log onto www.easonscork.com. Here you can register your interest to the data room.

Property

The subject property is positioned in a prime location at the north end of Patrick Street within 150m of Brown Thomas, Debenhams, Merchants Quay Shopping Centre and Opera Lane shopping district. Other notable occupiers nearby include Superdry, Penneys, Schuh and Dunnes Stores.

Cork

Cork is a vibrant city and is the retail, commercial and administrative centre for the region. Amazon, Apple and Intel are just a few of the numerous multinational companies who have located in Cork. They are also joined by companies in the bio-technology, pharmaceutical, food and business sectors.

Patrick’s Street is the premier shopping location in Cork. Located in the heart of the city, it is home to premium high street brands such as Brown Thomas, Marks and Spencer, Tommy Hilfiger and Pandora. Merchants Quay Shopping Centre, Opera Lane and The Capitol are all prime retail destinations located on Patrick’s Street.

Description

The subject property is a substantial high-profile retail property extending to 2,045.3 sq m (22,017 sq ft) NIA incorporating 1,282.1 sq m (13,801 sq ft) of retail area over ground and first floor levels.

The property is on an L-shaped site of 0.2 acres with significant frontage of 20 meters to Patrick Street and secondary frontage of 22 meters to Drawbridge Street.

Internally the ground and first floor retail areas are open plan and underwent major refurbishment in 2013, to include a new fully glazed Patrick Street façade. The modern Eason’s store is laid out to provide books, magazines at ground floor and stationary and gifts on the first floor. Insomnia occupy the Drawbridge portion of the first floor providing additional footfall to the store.

Floor	Primary Use	Sq.m NIA	Sq.ft NIA
Ground	Retail	715.2	7,699
First	Retail/Cafe	695.8	7,490
Second	Storage / Office	460.0	4,952
Third	Storage	135.3	1,456
Fourth	Storage	39.0	420
Total		2,045.3	22,017