Portfolio of prime shops in Cork and Limerick
The sale, by private treaty and available in one lot or individually, includes shops on Patrick Street in Cork and on William Street and Cruises Street in Limerick.
Also for sale is a third generation office block with 1,858 sq.m (20,000 sq.ft) at University Technology Centre in Curraheen, Cork.
Irish Life is selling so it can focus on larger properties in its portfolio which is valued at more than €2bn after it spent €600m in the past three years acquiring assets.
Two neighbouring shops at 77 and 78 St Patrick’s Street in Cork are included in the sale. These are opposite the entrance to the English Market and are leased to Coast and Meteor. Number 77 is producing a rent roll of €110,000 and is guiding €1.75m while number 78 is rented at €95,000 and has a guide price of €1.275m.
Two of the Limerick properties are at the junction of O’Connell Street and William Street. The adjoining properties are leased to H Samuel at €149,400 and Martin O’Connor Photography at €30,000.
Number 3 William Street is quoting €325,000 while number 2 is available for €1.5m.
The remaining Limerick units are at 5, 6A and 8A Cruises Street. Number 5 produces a rent roll of €35,000 from tenant Meteor and is guiding €400,000 while 6A is quoting €550,000 on a rental turnover of €50,000 from CeX. River Island pays rent of €194,700 for 8A which is guiding €1.5m.
Unit 2 at Cork’s University Technology Centre is quoting €2.25m and producing a rent roll of €115,000.
Article by Irish Times