Nurse on Call’s €430,000 Little Island offices just what the doctor ordered
Cohalan With Park, Is Avenue, Business Eastgate On Eastgate Nurse €430,000 9c, And For Unit Sale Call Downing Offices, For Retail
The arrival to market for €430,000 of the offices of Cork nursing agency Nurse on Call is piquing a healthy interest among investors, attracted by the quality of the tenant and the freshness of the lease.
Located at Unit 9C, Eastgate Avenue, in Little Island’s well-established Eastgate Business Park, the 218sq m (2,350sq ft) ground floor office suite has been occupied by Nurse on Call (NOC Ltd) since May last year, after a 10-year lease agreement was reached.
Initial annual rent is €38,000 (€16.17 per square foot, exclusive of Vat). The lease includes a May 2028 five-year break option, subject to six months’ advance formal notice. A rent review will take place in May 2028, and may go up or down, depending on the market. The tenant is unaffected by the sale.
Handling the sale is Rob Coughlan of Cohalan Downing and he said investors were looking at secure income and could expect a net initial yield (NIY) of 8%, after deductions of standard purchaser’s costs of 9.96%. He added that enquiries are good, with a couple of local investors due to view the property this week.
“It’s a high quality, modern, self-contained office suite in a superb location and it comes with parking.
“It also comes with a very solid tenant. Nurse on Call has been around for more than 40 years and is Ireland’s leading nursing agency and approved supplier to all HSE and HSE-funded hospitals and work-sites nationwide.
“They have a long history in Cork, having started out in 1981, operating for decades out of a premises on St Patrick’s Street, before relocating to their new home on Eastgate Avenue last year,” Mr Coughlan said.
Nurse on Call is also the largest supplier of nurses and carers to private hospitals.
The agency’s new offices are a significant change from the previous above-the-shop location on Cork City’s main street, where Nurse on Call operated out of the floors above Aksoy Jewellers at 50, St Patrick’s Street.
The agency now has a larger, more contemporary space to work from at Unit 9C, which forms part of a purpose-built two-storey office block. The building benefits from shared services such as entrance lobby and lifts and is located on the ground floor with security-controlled access.
The office suite itself includes a large reception, a spacious boardroom, a theatre-style training/conference room, an expansive open plan communal office area, and a series of private offices with ancillary facilities such as a staff canteen.
Finishes include raised access floors with carpet covering, suspended acoustic ceiling tiles, recessed LED lighting, and a new modern air conditioning system which was installed in early 2024.
It comes with a dozen car parking spaces.
Mr Coughlan said the location is highly accessible, on the N25 Waterford Road and approximately 1.5 km east of the Dunkettle interchange connecting the Dublin M8 with the Waterford N25, and Cork’s South Ring Road network, “providing immediate access to Cork Airport and Cork’s southern and western suburbs”.
The area is also served by public transport as there’s a regular commuter rail service to the nearby Little Island railway station.
Eastgate Business and Retail Park, a 120-acre development delivered by the O’Flynn group over c25 years, includes c 175,000sq ft of fully occupied retail space and an 800,000sq ft business park, along with a motor mall. The retail element was bought two years ago by Australian retailer and park tenant Harvey Norman for a reported c €24m.
The business park has a number of high-profile tenants, including Laya Healthcare, Eli Lilly, Gilead, ESB International, Pepsi, Arcadis DPS Group, and PE Global.
The business park has a range of services and amenities including a Spar convenience store, Bank of Ireland, cafés, gyms, restaurants, and a Radisson Blu Hotel with leisure centre and conference facilities.
Nurse on Call’s neighbouring occupiers at Unit 9C include Compliance & Risks, Advanced Laser Systems, Arachas and Dornan.
Rob Coughlan Tel: 021 4277717 Email: info@coholandowning.ie