Paul Street Shopping Centre goes to auction

ONE of Cork’s premier shopping centres is to go under the hammer at an online auction later this month.

Paul Street Shopping Centre in the heart of Cork City is up for auction with a guide price of €1,950,000.

BidX1 is handling the sale and is inviting bidders to register online at BidX1.com in advance of May 18. A bidding deposit of €20,000 is required, fully refundable if the bidder is unsuccessful.

The Passing rent is €311,500 per annum with a net operating income of €283,222 per year. The Net Initial Yield of 13.2%, comes with “excellent reversionary potential,” according to BidX1.

Paul Street’s retail floor area of 13,793 sq ft, includes direct mall access to an adjacent car park with 730 parking spaces. The car park is not included in the sale, and the existing 14 tenants are not affected.

Paul Street Shopping Centre is one of the first modern shopping centres and urban regeneration projects, opening its doors to customers in 1985.

The centre is situated at the city’s Huguenot Quarter and consists of 19 independent retail units within a covered mall area. The centre is anchored by a large Tesco store, not forming part of this sale, drawing consistent footfall through the centre.

The centre is adjacent to a large city centre multi storey car park with direct access to the retail floor providing easy access for shoppers.

There are currently five vacant units creating an asset management opportunity with increased rental income.

“This property presents a unique opportunity to repurpose and modernise the shopping centre while incorporating the front outside Square into the retail offering,” according to the auctioneer.

“Paul Street Shopping Centre occupies a high-profile site in the heart of Cork City centre just 100 metres from Patrick Street, Cork’s premier retail thoroughfare. Adjacent occupiers to the Centre include Tesco, Boots, Nandos, Opera Lane, and the Cornmarket Centre.”