FOR SALE BY PRIVATE TREATY – TENANTS NOT AFFECTED MEST. 1989 MERCHANTS QUAY SHOPPING CENTRE 1-5 ST PATRICK’S ST. CORK www.MQSCCORK.com CORK CONTENTS 02 Welcome to Merchants Quay 06 At a Glance 08 Location 10 Getting Around 12 Amenities 16 Current Opportunity 20 Planning / Future Development 22 Investment Market 24 Floor Plans 36 Contacts Welcome to Merchants Quay CORK’S MOST Shopping Centre, RENOWNED RETAIL DESTINATION. 2 3 CBRE and Savills jointly present Merchants Quay Shopping Centre for Sale by Private Treaty. Merchants Quay offers investors an excellent opportunity to acquire an established Shopping Centre in the heart of Cork City, the economic centre of the south west region. Merchants Quay provides an excellent opportunity to secure a key retail asset located on Cork’s principal retailing street. The Shopping Centre extends to 4,040 sq m (43,488 sq ft) in total and benefits from four market leading anchor tenants which include Marks & Spencer, Dunnes Stores, Debenhams and SuperValu, although not part of the sale these key anchors significantly contribute to the annual footfall which is in excess of 8.2 million visitors per year. The scheme has full planning permission to reconfigure and enhance the internal layout allowing for the provision of a number of larger and more modern retail units. The proposed redevelopment plans are designed to create a new retail focal point at the northern end of St. Patrick’s Street. 4 5 A T A GLAN C E FOOTFALL IN EXCESS OF 43,488 sq ft 8.2 million OF RETAIL SPACE PER YEAR OVER TWO 29 INTERNAL units FLOORS SHOPPERS SHOP THERE MORE THAN 36% ONCE A WEEK ADJOINING 4 ANCHOR STORES 500,000 CORK COUNTY’S POPULATION Cork 10 min WALK TO CORK TRAIN STATION APPROX. 30,000 Adjoining FULL-TIME AND PART-TIME CORK BUS STATION STUDENTS 6 7 Brown Thomas Dunnes Debenhams Penneys English Stores Market SuperValu One M&S Albert Quay LOCATION The Capitol Merchants Quay Shopping City Hall Centre boasts the benefit of dual frontage along St. Patrick’s Street, Cork City’s premier retailing street and Merchants Quay. Bus Station Opera Lane St. Patrick’s Street is located in the centre of Cork City and is home to a number of international and national retailers including Marks & Spencer, Brown Thomas, Penneys, Cork Superdry, H&M, Next, Topshop, Debenhams, Opera St. Patrick’s Street House TK Maxx and French Connection. Cork City is Ireland’s second largest city and serves as the economic capital of Ireland’s Merchants Quay southern region; the city has a combined RIVER LEE metropolitan population of 200,000 rising to over 500,000 within a 60km radius. The city is home to Ireland’s second largest airport Bridge Street and port and is also home to a number of third level institutions including UCC and CIT (with a combined part time and full time student population estimated over 30,000). The vibrant city and young skilled workforce has attracted a long list of international companies who provide rich employment to the area including Pfizer, Glaxosmithkline, Dell, Apple, Amazon and Johnson Controls. 8 9 This way to Limerick, GETTING M18, Galway AROUND ST. MARY & GRIFFITH ST. ANNE’S COLLEGE Cork City is served by a number of transport CATHEDRAL CORK links including Rail and Bus Services. SHANDON BELLS D A Irish Rail runs daily services from Cork (Kent Station) to Dublin TOWER O R614 R (Heuston Station) and to a number of other key locations throughout E S R the Country. Bus Eireann provides frequent bus services to Galway, U O Limerick, Dublin and many other regional counties. In addition Cork C R SHANDON STREET E has an excellent road network which provides access between Cork T A W and Dublin via the M8 / M7 in just less than three hours. SUMMERHILL NORTH K C A B KENT P O P E S Q U A Y LOWER GLANMIRE ROAD TRAIN N20 N8 STATION N O R T H M A L L ST. PATRICK’S QUAY To M8 / Kilkenny / Dublin N8 PENROSE QUAY BACHELORS QUAY CORK T SUNDAY’S WELL ROAD E OPERA E MERCHANTS QUAY R846 R HOUSE T S ANDERSONS QUAY S ’ CRAWFORD K C I GALLERY R CLONTARF STREET R I V E R L E E T SAINT PETER A CENTRAL P CORK PORT . BUS AND PAUL’S T CHURCH S STATION GREENVILLE PLACE ST. PATRICK’S ST. SHOPPING DISTRICT KENNEDY QUAY N22 ALBERT QUAY VICTORIA ROAD ALBERT STREET SHEARES ST. ENGLISH MARKET OLIVER PLUNKETT STREET GRAND PARADE WASHINGTON STREET PARNELL PLACE N22 ALBERT ROAD CITY S O U T H M A L L HALL N27 U N I O N Q U A Y CORK COLLEGE OF COMMERCE SULLIVAN’S QUAY CRAWFORD COLLEGE OF ART AND DESIGN SAINT FIN BARRE’S CATHEDRAL To N40, Jack Lynch Tunnel, UNIVERSITY Cork Airport COLLEGE CORK AMENITIES 12 13 14 15 CURRENT OPPORTUNITY The development which was constructed in 1989 benefits from high profile frontage spanning both Merchants Quay and St. Patrick’s Street. The centre adjoins M&S, Debenhams, Dunnes Stores and SuperValu. Access to each of these anchor stores can be gained from within the centre acting as a catalyst for the 8.2 million a year footfall. Merchants Quay is laid out over two floors and extends to a net internal area of 43,488 sq ft across 29 retail units. The centre comprises a typical configuration including a thoroughfare retail mall leading to the four anchors stores surrounding the development. Merchants Quay Car Park providing 710 spaces also adjoins the scheme and pedestrian access to the car park can only be gained via the internal retail mall of the shopping centre. There are currently 22 tenants in occupation in the property generating a gross contracted income of €1,470,000 per annum 16 17 TOP 10 TENANTS BY GROSS INCOME COVENANT INFORMATION TENANT NAME GROSS RENT % OF INCOME BREAK DATE Laura Ashley is part of an international franchise that with Laura Ashley €292,000 19.86% 30-Jun-15 1. partners operate in 29 countries worldwide. Laura Ashley 2. Boots €193,986 13.20% 10-Dec-15 (Ireland) Limited was established in 1978 and currently 3. Poundland Ltd €155,000 10.54% 4-Sep-16 trades from 6 stores nationwide. According to Vision Net the company has a low credit risk with a score of 81/100. 4. MBCC Foods / Costa €130,000 8.84% 15-Sep-22 5. The Edinburgh Woolen Mill €99,900 6.80% 14-Nov-17 6. Naturesway (Dublin) Ltd €97,000 6.60% 31-Dec-13 7. Peter Mark €71,000 4.83% 10-Dec-15 Boots was established in Ireland in 1996 and today operates over 80 stores nationwide. According to Vision Net the 8. Doyle Retail Cork €70,000 4.76% 31-Dec-15 company has a low credit risk with a rating of 91/100, Charlie Buckley €60,000 4.08% 11-Aug-27 9. this score is based on accounts analysed in 2016. On an 10. Kellillie Ltd t/a D’Bag Shop Ltd €43,914 2.99% 17-Jan-17 international level Boots Alliance merged with Walgreens in 2014 to create the Walgreens Boots Alliance who operates 82.50% TOTAL over 4,500 retail stores worldwide. €0 €50,000 €100,000 €150,000 €200,000 €250,000 €300,000 €350,000 Costa Coffee is a brand within the Whitbread Group PLC, €0 €50,000 €100,000 €150,000 €200,000 €250,000 €300,000 €350,000 Laura Ashley who trade in the Republic of Ireland & Northern Ireland as MBCC Foods (Ireland) Ltd. Costa Coffee currently operate Boots Laura Ashley Poundland Ltd Boots more than 110 stores nationwide including five in Cork. MBCC Foods / Costa Poundland Ltd According to Vision Net the company has a low fair trade The Edinburgh Woolen MillMBCC Foods / Costa score of 77/100’. Naturesway (Dublin)The LtdEdinburgh Woolen Mill Peter MarkNaturesway (Dublin) Ltd Doyle Retail Cork Peter Mark Charlie Buckley Doyle Retail Cork Poundland Limited trade as Dealz in Merchants Quay. The Kellillie Ltd t/a D’Bag Shop Ltd Charlie Buckley Dealz franchise entered the Irish market in 2011 and now Kellillie Ltd t/a D’Bag Shop Ltd operates a network of over 50 stores in the republic of Ireland, three of which are located in Cork City. 4.08% 8.84% €60,000 4.08% €130,000 8.84% €60,000 €130,000 Income expiring in 0-5 years ZONING TOTAL: Income expiring in 0-5 years €1,470,000 TOTAL: Income expiring in 5-10 years INCOME BY The property is zoned ZO 1 City Centre Retail Area (CCRA) €1,470,000 Income expiring in 5-10 years TERM CERTAIN Income expiring in 10+ years ‘’To provide for the protection, upgrading and expansion of Income expiring in 10+ years retailing, in particular higher order comparison retailing, as 87.07% well as a range of other supporting uses in the City Centre €1,280,000 87.07% retail area.’’ Cork City Development Plan 2015 – 2021. €1,280,000 18 19 PLANNING / FUTURE DEVELOPMENT OPPORTUNITY In July 2015 Planning Permission was granted to allow for the reconfiguration of the ground and first floor retail malls. The grant of planning allows for the repositioning of the current mall directly adjacent to Marks and Spencer, with the aim of accommodating a row of larger box units. All pedestrian connections between the existing anchor tenants will be maintained and ultimately enhanced. The plans also allow for the redevelopment of the front elevations providing contemporary new frontage overlooking St.