Property developer puts Cork city centre development up for sale

O’Callaghan Properties have placed a Cork city centre development on the market today with a guide price of €34m.

The Half Moon Street mixed-use asset which was developed in 2009 by O’Callaghan generates a current gross annual income of €2,606,500.

The Lavitts Quay building extends to 119,589 sq ft of retail and Grade A office accommodation and tenants include Apple Europe, Boots pharmacy, Henry J Lyons – one of Ireland’s leading architectural practices – in addition to Matthews, the clothing and footwear retailer, and Kopper Hair Salon.

The office space is currently let to Apple Europe at €22 per sq ft and there is currently vacant retail space at ground and lower ground floor level.

Speaking of the launch, Brian O’Callaghan of O’Callaghan Properties said: "We are delighted to bring our Half Moon Street development to the market as a direct response to the high levels of interest from both Irish and international investors in Cork in recent months. We are currently developing the largest office complex in Cork at Navigation Square and the sale of Half Moon Street will further help to position Cork as a high-quality investment location for institutional investors.

Domhnaill O’Sullivan of Savills, who along with CBRE are handling the sale, said: “We are expecting interest to be strong from the onset – not only is this a highly desirable investment opportunity in terms of location, unit potential, mix, and design, but there is a dearth of assets of this grade on the marketplace.

"What’s more it is surrounded by a myriad of local amenities with a waterfront setting and extensive views of the River Lee. Its close proximity to prime retail on Patrick Street and Opera Lane will also prove attractive to prospective investors”.

Kyle Rothwell of CBRE added: “This is Boots flagship Store in Cork and the office space leased to Apple offers significant asset management and reversionary potential. We believe this will appeal to both domestic and international firms looking for strong value add potential.”

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