Agent Lisney is guiding a price of €4.95 million for a prime office investment within the City Quarter scheme on Lapps Quay in Cork.
Located in the heart of the city’s central business district, the subject property comprises the third floor of the Scott Tallon Walker-designed mixed-use development which was completed in 2005.
The third floor comprises five office suites laid out around a central service core. The total net internal area is 1,566sq m (16,862 sq ft), while the total gross internal area is 1,901 sq m (20,472 sq ft). All five offices have panoramic views of the river Lee and the city.
The property is fully occupied under various leases, and existing tenants include Glandore Business Centre, Goodbody Stockbrokers, NIB Travel Insurance, GJ Moloney Solicitors and Cornmarket Group Finance Services Ltd. The tenants are not affected by the sale.
The investment currently generates an annual income of €430,990 and has a weighted average unexpired lease term (WAULT) of 4.75 years. The investment is being offered for sale as a single lot with the guide price of €4.95 million reflecting a net initial yield of 7.93 per cent.
City Quarter is a high-profile development with restaurants and cafes along the boardwalk at ground-floor level and office accommodation on the upper floors. There is a feature entrance foyer reception and three passenger lifts at ground-floor level serving all floors, including the basement car park. There are 280 basement car spaces (not included in the sale) with access from Lower Oliver Plunkett Street with security barrier access.
The property overlooks the southern channel of the river Lee and is adjacent to the Cork docklands, an area which is currently the primary focus of office development in the city. The four star 191-bedroom Clayton Hotel is located next to the development, while Patrick Street, South Mall and the city’s bus and train stations are all situated within a short walk.
