- 1,281 sq m
Description
Property Summary
- Cork City Centre Shopping Centre
- Passing Rent of €311,500 p.a. with a NOI of €283,222 p.a.
- Net Initial Yield of 13.2% (on NOI) with excellent reversionary potential
- Extending to a retail floor area of 13,793 sq ft
- Direct mall access to adjacent car park with 730 parking spaces
- Tesco and car park not included
- Tenants not affected
Paul Street Shopping Centre is one of the first modern shopping centres and urban regeneration projects, opening its doors to customers in 1985.
The centre is situated in the heart of Cork City and comprises of 19 independant retail units within a covered mall area. Paul Street Shopping Centre is anchored by a large Tesco store (not forming part of this sale) drawing consistent footfall through the centre.
The centre is adjacent to a large city centre multi storey car park with direct access to the retail floor providing easy access for shoppers.
The overall retail area extends to a NIA of approx. 13,793 sq ft primarily over ground floor with a total of 14 tenants.
There are currently 5 vacant unit creating an asset management opportunity and increase rental income.
This property presents a unique opportunity to repurpose and modernise the Shopping centre while incorporating the front outside Square into the retail offering.
| Unit | Tenant | Net Area GF Sq Ft | Mezz Sq Ft | Lease Start | Lease Expiry | Yrs to BRK / EXP | Current Rent |
|---|---|---|---|---|---|---|---|
| 1 & 2 | The Polish Shop* | 1,189 | 0 | Overholding | Overholding | 0 | €30,000 |
| 3 | Vanilla Sky | 962 | 578 | 01-Oct-16 | 28-May-31 | 8.29 | €30,000 |
| 4 | Elysees / Zacros Barber** | 826 | 0 | 01-Aug-22 | 31-Jul-32 | 9.47 | €14,000 |
| 5 | N/A | 701 | 429 | N/A | N/A | N/A | €0 |
| 6a | N/A | 326 | 0 | N/A | N/A | N/A | €0 |
| 6b | Lee Travel | 262 | 0 | 06-Oct-10 | 30-Jun-27 | 4.38 | €17,000 |
| 7 | Bennetts Shoe Repair | 219 | 0 | 01-Jun-20 | 31-May-25 | 2.3 | €15,500 |
| 10 / 10a | E Smoke Store | 453 | 0 | 14-Jan-18 | 13-Jan-28 | 4.92 | €33,000 |
| 10b | Prime Café | 254 | 0 | 15-Aug-20 | 18-May-25 | 2.27 | €15,000 |
| 11 | Other Realms | 3,964 | 0 | 29-Mar-04 | 29-Apr-31 | 8.21 | €40,000 |
| EMU 1 / 2 | Twilight News | 1,145 | 0 | 30-Sep-20 | 15-Nov-25 | 2.76 | €40,000 |
| EMU 3 | Acupuncture and Herbs | 529 | 0 | 17-Oct-19 | 20-Oct-24 | 1.69 | €26,000 |
| EMU 4 /EMU 5 | O’Briens**** | 1067 | 0 | 01-Jun-21 | 31-May-26 | 3.3 | €0 |
| EMU 6a / EMU 6b | Wear We Wander Limited | 278 | 137 | 01-Jun-20 | 30-Jun-26 | 2.39 | €20,000 |
| EMU 7 | Phone Shop | 83 | 0 | 01-Apr-18 | 30-Jun-25 | 2.38 | €15,000 |
| EMU 8 | N/A | 310 | 0 | N/A | N/A | N/A | €0 |
| EMU 9 | N/A | 81 | 0 | N/A | N/A | N/A | €0 |
| Kiosk | Phone Shop | 0 | 0 | TBC | 30-Jun-25 | 2.38 | €6,000 |
| 8 | Clearhill*** | 0 | 0 | 28-Feb-26 | 0 | €10,000 | |
| Total | 12,649 | 1,144 |
* New 10 year lease agreed with break at year 5 at €30,000 p.a. with anticipated lease commencement from 01/03/2023.
** New Lease for 10 years from 1 August 2022 out for execution.
***New Licence in legals at €10,000 plus Commissions in legals.
****New lease for 10 years out for execution.
BER Rating
90 total views
Details
- Building Age: Second Hand
