Description
The property is situated on the corner of Castle Street and South Main Street and comprises of four ground floor retail units and an impressive double height vacant upper floor in need of extensive refurbishment. The building is listed on the record of protected structures with Ref. Nos. PS1011 / PS1039.
Forming part of the sale are four own door ground floor retail units, 3 of which are currently income producing and one, unit 10 Castle Street, is vacant.
Boyle sports have dual access to their large unit from both Castle Street as well as South Main Street and have over 7 years term remaining.
The property was built in the late 19th century on this corner site, comprising an end of terrace, 5 bay partially 2 and 3 storey bulding, extending to a total floor area of 10,310 sq ft.
Location
Castle Street is located in Cork's City Centre, less than 150 metres west of Patrick Street and Grand Parade. The street acts as one of the main thoroughfares of the city linking Patrick Street/Daunt Square with North Main Street and South Main Street.
The area has a diverse commercial offering including a vibrant night life with numerous bars and restaurants located in the immediate vicinity.
Neighbouring retail occupiers of note include TK Maxx, Lidl, Dealz, Lifestyle Sports and Homesense, while nearby nightlife occupiers include The Raven, Rearden’s, Dwyer’s, and Brick Lane.
Tenancy
The subject property is laid out over ground and first and part second floor.
The ground floor incorporates 4 retail units with the following tenancies:
Unit 1 - 10 Castle Street - Currently Vacant - extending to approx. 587 sq. ft.
Unit 2 - 11/12 Castlestreet - approx. 769 sq. ft. - Occupied by Steven & Mary Gleeson / Jewellers
Currently overholding, annual rent €12,500
Unit 3 - 13 Castle Street / 7 Paradise Place - approx. 2,244 sq. ft.
Let to Boyle Sports Limited on a 10 year lease from Mai 2018 at an annual rent of €85,000,
Unit 4 - 2/3 Paradise Place - approx. 175 sq. ft.
Let to Alan Goulding t/a Fast Al's on a 10 year lease from July 2002 at an annual rent of €12,000
Upper floors - 1st and 2nd floors - total of approx. 6,535 sq. ft.
Potential for development subject to appropriate planning
Total annual passing rent is €109,500 p.a.
Zoning
The property is located in an area zoned objective 'City Centre Retail Area', 'to provide for the protection , upgrading and expansion of higher order retailing, in particular comparison retailing and a range of other supporting uses in the City Centre Retail Area' as defined by the Cork City Development Plan 2015 – 2021.Features
Retail investment opportunity with NIY of 8.3% and development potential on upper floors (SPP)
Four ground floor retail units extending to approx. 3,775 sq ft in total
Total floor area extends to approx. 10,310 sq ft
Vacant upper floor with rare City Centre development potential subject to relevant planning permission
Contracted rental income of €109,500 p.a.
Dual access retail unit let to Boyle Sports generating €85,000 p.a. with 7 years term remaining
Tenants not affectedBER Details
