13 November 2019
By Bryan Smyth
Paul Street Shopping Centre in Cork’s city centre, has been placed on the market by Savills with a guide price of €3.65m.
The building occupies a prominent position in Cork City Centre at the pedestrian entrance to the Paul Street Car Park and Tesco. Paul Street runs parallel to Patrick Street with numerous access points along the historic streetscape of the city centre such as French Church Street and Carey’s Lane.
The property is two storey retail development constructed in 1984 by O’Callaghan Properties and is immediately adjacent to the only Tesco footprint in the city core as well as one of the busiest car parks in the city. It incorporates 19 independent retail units with some ancillary storage space and current income is approximately €367,000 per annum.
The immediate environs is a hive of activity linking Opera Lane, Patrick Street, Half Moon Street and Cornmarket Street representing what is the best of retailing in the city centre.
“It is rare to have the opportunity to acquire a high yielding investment of this calibre in the city centre and at a guide price of €3.65 million it represents a net initial yield of approximately 9% which should be attractive to investors.”