32 South Mall , Cork City, Cork

€13,500,000
Investment Property - Bathrooms
C1

Cohalan Downing

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  • 14 South Mall, Cork City Centre, Co. Cork
  • Phone : 021 427 7717

Description

Location
The property is located on the South Mall in the heart of Cork's Central Business District, occupying a prime corner position with frontage onto the South Mall and Parliament Street. The South Mall is the traditional business district of Cork and is home to a combination of indigenous and international firms from the banking, insurance, professional services, and technology sectors.

There are a host of popular hotel's, bars and cafés to choose from in the immediate area, including the Imperial Hotel, Jacobs and Electric. Neighbouring occupiers in the vicinity include AIB, UCC, KPMG, AlienVault, Huawei, Forcepoint, EY,Deloitte, Clearstream Global Securities, PWC, Apple and Johnson Control's.

St Patrick Street which is Cork City's main shopping thoroughfare is just a short walk away and is home to all the main retail stores such as Brown Thomas, Lifestyle Sports and Penney's.

Description
32 South Mall is home to the Munster headquarters for the Bank of Ireland who lease the building in its entirety. The property comprises a high specification five storey, building which underwent a substantial refurbishment in 2008. Accommodation includes retail banking hall at ground floor level and an additional four floors of modern, light filled, office space with the benefit of separate access overhead.

Tenancy
The entire property is let to the Governor & Company of the Bank of Ireland on a full repairing and insuring lease that commenced on 6th February 2007 and will expire on 5th February 2032.

The current passing rent is €864,879.35 per annum. The lease benefits from five yearly Upward Only Rent Review provisions.

Features
> Long Term Secure Income
> Five storey office building extending to 26,683 sq. ft. (2,479 sq. m.) (NIA)
> Prime City Centre location with frontage onto the South Mall and Parliament Street
> Let to the Governor & Company of the Bank of Ireland - 25 Year FRI lease from February 2007
10.32 years unexpired
> Upward Only Rent Review provisions
> Passing Rent €864,879 per annum
> Located on a site of approx. 0.26 acres (0.1ha)
> Attractive NIY of 5.82% after standard purchasers costs of 9.96%

DATA ROOM: www.32southmall.com

Solicitors: Ms Joan Kiely of PJ O'Driscoll & Sons Solicitors, 73 South Mall, Cork

Joint Agents: Cohalan Downing & Colliers

BER Details

BER: C1