Flood defence engineers shore up their tenancy at €455,000 South Mall investor opportunity
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A SOUTH Mall premises with civil engineering tenants shored up for the next five years is on the market for €455,000, with local investor interest expected.
No 36 South Mall, which had previously been available to buy or to rent, has been relaunched to market as an investor opportunity after ERA Downey McCarthy secured tenants in May, with an annual rent of €35,000pa, representing a 7% net initial yield.
The building, in Cork city’s central business district, is now fully occupied, with tenants unaffected by the sale.
The centrally-located premises is an ideal location for its new occupants, Co Meath-headquartered Jons Civil Engineering Ltd, as they are the main contractor on the Morrison’s Island Public Realm and Flood Defence Project, just now kicking off and expected to run for 20 months. The project is tasked with delivering an upgraded, high quality streetscape, new plaza space and a river viewing platform at Parnell Bridge, as well as public space at Trinity Bridge and improved public realm at Holy Trinity Church. It will also deliver integrated flood defences which Cork City Council says will provide protection against 1-in-100 year tidal flooding events for approximately 400 city centre properties.
With Jons locked in at No 36 for the next five years, Will Lyons of ERA Downey McCarthy says it should prove very attractive to the investor market.
“We’d anticipate a local investor or someone with a local, self-administered pension fund,” Mr Lyons said.
The agent added that momentum is currently good on South Mall, with many recent positive moves, including the switch by commercial law firm JW O’Donovan solicitors from their longtime home at No 53 South Mall to modern offices at 26/27 South Mall, doubling their footprint in the move.
Last year, corporate law firm RDJ returned to South Mall, to a new build at No 85, having spent a decade at City Gate in Mahon. There are also plans for a new, 58-bedroom boutique hotel at the former National Irish Bank premises, at No 71 South Mall, under hotelier Shay Livingstone.
No 36, a 181 sq m (1,954 sq ft) four-storey, mid-terrace building near the junction of South Mall and Parliament Street, has a modern office layout, including reception, open plan and private accommodation across the first three floors and file storage on the dormer floor. The energy rating is a C3. Previous occupants include a medical diagnostics company and MBC Insurance.
: Will Lyons Tel: 021490500 Email: will@eracork.ie