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14 Parnell Place, Cork City, Cork

€1,950,000 Energy Rating T12 A6CV
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14 Parnell Place, Cork City, Cork

€1,950,000

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Beds
Price €1,950,000
Property Type Investment Property
Size meters2
Energy Rating BER-D1
Refreshed on Nov 1, 2023
Eircode T12 A6CV

Description

The subject property comprises a three storey landmark period building which extends to approximately 1,033 sqm (11,118 sq ft). The property has dual frontage onto Parnell Place and Oliver Plunkett Street Lower. The ground floor is occupied by Sano Pizza and the first and second floors are occupied by Erin School of English World Limited. The property is currently producing a gross rental income of €190,000 per annum exclusive, increasing to €205,000 in 2027 due to the fixed rental increase in the Erin School of English World Limited lease. Location The subject property is situated in Cork city centre on a prominent corner site at the junction of Parnell Place and Oliver Plunkett Street. Parnell Place connects with Oliver Plunkett Street to the northern end and to the South Mall to the southern end. The property is adjacent UCC’s centre for executive education and Parnell Place bus station and minutes’ walk from Kent Train station , it is centrally located with Office and Retail destinations of South Mall, Oliver Plunkett St and Patrick St to the West and Lapps Quay and the expanding North and South Docklands to the East. Cork which is Ireland’s second largest city and largest county has a population of 222,000 in the metropolitan area with just over 584,000 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.

Features

100% occupancy (Tenants not affected) Current rental income €190,000, increasing to €205,000 in 2027 WAULT to Expiry 8.3 years WAULT to Break 3.7 years Net Initial Yield (NIY) 8.86%

BER Details

BER: D1

Description

The subject property comprises a three storey landmark period building which extends to approximately 1,033 sqm (11,118 sq ft). The property has dual frontage onto Parnell Place and Oliver Plunkett Street Lower. The ground floor is occupied by Sano Pizza and the first and second floors are occupied by Erin School of English World Limited. The property is currently producing a gross rental income of €190,000 per annum exclusive, increasing to €205,000 in 2027 due to the fixed rental increase in the Erin School of English World Limited lease. Location The subject property is situated in Cork city centre on a prominent corner site at the junction of Parnell Place and Oliver Plunkett Street. Parnell Place connects with Oliver Plunkett Street to the northern end and to the South Mall to the southern end. The property is adjacent UCC’s centre for executive education and Parnell Place bus station and minutes’ walk from Kent Train station , it is centrally located with Office and Retail destinations of South Mall, Oliver Plunkett St and Patrick St to the West and Lapps Quay and the expanding North and South Docklands to the East. Cork which is Ireland’s second largest city and largest county has a population of 222,000 in the metropolitan area with just over 584,000 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.

Features

100% occupancy (Tenants not affected) Current rental income €190,000, increasing to €205,000 in 2027 WAULT to Expiry 8.3 years WAULT to Break 3.7 years Net Initial Yield (NIY) 8.86%

BER Details

BER: D1
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Lisney Commercial Cork
Lisney Commercial Cork
Tel: 021 4...
PSRA Licence No. 001848

Date created: Nov 1, 2023

Lisney Commercial Cork
Lisney Commercial Cork
PSRA Licence No. 001848
Johnny McKenna
Johnny McKenna
Tel: 021 4...
Chartered Surveyor
Call Agent: 021 4...