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Webworks Eglinton Street, Cork City, T12 YHR3

Investment Property (3991 sqm) Sold
of

Sold

Features

  • Prime City Centre office building with significant reversionary potential.
  • 100% occupied.
  • Entire let to Ervia with 10.8 year term certain.
  • Current rent €800,000 per annum.
  • next rent review on 8th May 2019, potential for significant rent increase.
  • Approx 3,991.40 sq m (42,964 sq ft)
  • 43 basement car park spaces.

Location

The property is situated on Eglinton Street in the heart of Cork’s central business district. It occupies a prime position with frontage to Eglinton Street, Port Lane and the entry to the basement car park is from Albert Quay. Neighbouring properties in the immediate vicinity include City Hall and the Elysian – Ireland’s tallest building with 211 luxury apartments over ground floor, commercial and offices. The One Albert Quay office building is on an adjoining site to the east with occupiers including PWC, Johnson Controls, ARUP and Investec. Navigation Square, a new 28,800 sq m office development is currently under construction further East on Albert Quay where Clearstream Global Securities have been confirmed as a significant tenant. The Clayton Hotel and City Quarter office development is situated closely to the north with occupiers including EY, Brookfield Renewable Ireland Ltd, GJ Moloney Solicitors and Goodbody Stockbrokers. The property is within a few minutes walk of South Mall, Patrick Street and the bus and train stations.

Full Description

The property comprises a high specification four storey office building over a basement carpark designed by Scott Tallon Walker Architects.  The building was constructed in 2006 on a structural frame with concrete block, architectural metal clad façade with extensive glazing, concrete floors and mainly flat concrete roof.  The office accommodation is on either side of a feature full height atrium with a glazed roof.  There is a feature spiral stairs and two passenger lifts serving the upper floors.   Access to the property is from Eglinton Street through a revolving door.  The ground floor is laid out with a reception area, break out area, canteen with kitchen and large seating area in the atrium, offices, toilets and service accommodation.  The upper floors are laid out with office accommodation, break out areas and toilets on each level.  The offices are finished internally with raised access floors and air conditioning.  There is an external terrace at third floor level.

Tenancy

The entire property, with the exception of five basement car spaces, is let to Ervia on a full repairing and insuring lease that commenced on 8th May 2014 and will expire on 13th September 2033, at an initial rent of €800,000 per annum. There are five yearly rent reviews to the higher of (1) the initial rent increased or decreased in accordance with the movement in the Consumer Price Index or (2) open market rent. There is a tenant break option at the end of Year 15 on 7th May 2029 operable with a minimum of 12 months prior written notice.

Five separate basement car spaces are let to Cork City Council on a licence agreement for a term of 700 years from 27th July 2005.

Viewing Details

Viewing by appointment with sole selling agent.

Accommodation

    Floor

    NIA

    SQ M

    NIA

    SQ FT

    Ground

    1,187.6

    12,783

    First

    993.0

    10,689

    Second

    1,015.9

    10,935

    Third

    794.9

    8,556

    Approx. Total

    3,991.4

    42,963

BER No. B3
Energy Performance Indicator: 291.43 kWh/m2/yr 0.86 kWh/m2/yr

Solicitor

Justine Territt, Eugene F Collins, Temple Chambers, 3 Burlington Road, Dublin 4

Contact Details

Address: 1 South Mall, Cork
Telephone: +353-21-427 5079 or you can also email us at cork@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.

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