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Full potential at Half Moon

Wednesday, 10th April, 2019 4:51pm

The for sale sign has been figuratively pitched at one of Cork city’s most recognisable buildings.

O’Callaghan Properties have placed the Half Moon Street development in the heart of the city on the market today with a guide price of €34 million.

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

The building was designed by Wilson Architects and is anchored by Apple Europe and Boots pharmacy’s flagship Cork store.

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. Savills and CBRE are handling the sale.”

Domhnaill O’Sullivan of Savills 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.”

The building extends to 119,589 square foot of retail and Grade A office accommodation and other tenants include Henry J Lyons, Matthews and Kopper Hair Salon.

The Grade A office space is currently let to Apple Europe at €22 per square foot.

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