City Centre Office Investment, 1/2 Georges Quay, Cork,
20th January 2016
Joint agents Lisney and Savills are offering a prime city centre office investment for sale at 1/2 George’s Quay, Cork. The building is being offered for sale on behalf of a Receiver, Shane McCarthy, KPMG.
The property is centrally situated in Cork city centre at the eastern end of George’s Quay close to its junction with South Terrace in a riverfront location overlooking the south channel of the River Lee. George’s Quay is an established office location in Cork’s central business district within walking distance of South Mall. The property comprises two adjoining office buildings, No 1 being a three storey fully restored and refurbished landmark building at the corner of George’s Quay and White Street and No 2 is a modern high specification four storey L-shaped office building finished internally to a high standard with raised access floors and air conditioning. There are six on site car spaces accessed from White Street.
The overall total floor area is approx. 1,455 sq m (15,662 sq ft) and the current total rental income is €196,264 per annum. No 1 has a dentist on the ground floor and the upper floors are vacant. The ground, first and second floors of No 2 George’s Quay are let to CKT Office Services Ltd t/a Comyn Kelleher Tobin Solicitors on leases that will expire in 2023 and 2024 and there are no break options. The third floor of 2 George’s Quay is let to Otterbox Ireland Ltd on a five year lease from April 2015 with a break option in October 2017.
According to the joint agents the property provides an excellent opportunity to acquire a high yielding city centre investment property. The quoted sale price is €2,500,000 which equates to a net initial yield of 7.5%. There is potential to increase the rental income by securing tenants for the upper floors of 1 George’s Quay and there is potential for rental growth at the rent review on the first and second floors of 2 George’s Quay in 2018. There is currently strong demand for investment property of this type. The joint agents Lisney and Savills are inviting best bids by 26th February 2016.
For further information Lisney 021-4275079