According to property consultants, Savills, international retailers are beginning to focus their attention on prime locations in Cork City Centre again.
The firm, who have been appointed to handle the sale and letting of a number of properties on Patrick Street – Cork’s main thoroughfare – say they expect a number of high-order retailers to rejuvenate the street this year.[rev_slider Surety]
Peter O’Meara, Director at Savills Cork said, “Stabilisation has returned to the retail sector in Ireland and there is now a slow but steady improvement in trading conditions. This has not gone unnoticed – a number of international retailers have expressed an interest in several high-end retail units in the city centre and we expect to see a commitment from a number of them in the coming months”.
There are currently a number of vacant units on Patrick Street, however, Mr O’Meara said that the majority of these are due to leases expiring, and that there is now the opportunity for retailers to take advantage of more attractive lease terms:
“The current rate of vacancies would be a concern if there was nobody interested in taking the space. But with flexible leases now on offer, we are seeing top international brands showing a strong interest in what Cork has to offer, which is a huge opportunity to attract new, high level brands to the City.”
Savills are currently marketing a number of prime retail units on Patrick Street:
89/90 Patrick Street, a landmark building extending to approximately 15,000 sq. ft with a retail area over the first two floors of approximately 9,000 sq ft is expected to command a rent of between €400,000 and €450,000 per annum for the entire building. Savills currently have strong international interest in the unit.
43/44 Patrick Street is to let by Leigh Hegarty of Savills and joint agents JLL. The entire building is expecting to attract a rent of approximately €300,000 per annum and has a ground floor area in excess of 3,100 sq ft. The building was occupied by Wallis until March this year when their lease expired. The first floor had been occupied by China Gold.
37 Patrick Street, formerly occupied by Swamp ladies fashions, is currently available to let at a guiding rent of €100,000 for 600 sq. ft. of ground floor retail space and upstairs storage. It is available for immediate occupation. The property is described by Savills as being in a prime location close to Opera Lane in one of the highest footfall zones on Patrick Street.
74/75 Patrick Street, formerly occupied by Mothercare, is another large flagship building on the street. The property comprises an attractive retail premises, with 3 floors of retail space on the ground, first and mezzanine levels, with offices and storage space overhead. Savills describe the 74/75 Patrick Street as a building of character with interesting architectural features. Its overall size, location and frontage onto Patrick Street provides a superb opportunity as a flagship store. It is currently under offer.
124 Patrick Street, a high profile four storey premises with retail use on the ground floor, is currently sale agreed in excess of €515,000. Siobhan Young of Savills expects the property to be let in the region of €40,000 to €45,000 per annum.