Lot 2 - 19, Castle Street, Cork, Cork, T12 KD96

  • Unconditional Online Auction Sale
  • Guide Price* : €285,000

19 Castle Street, Cork City

Description

DNG Creedon auctioneers are delighted to present this 4-story retail building located in the heart of Cork City Centre. Castle Street is located less than one minute from Patrick's Street and the street has seen a lot of new investment is recent years. The Ground & First Floors are largely open plan with a floor to ceiling height of approx. 3 Meters. This substantial overhead floor space presents an opportunity for dual use.

The building currently has the benefit of both Retail and Cafe planning. New planning permission was granted in 2018 for Cafe use; and a new fire cert has been obtained for this planning purpose. A commencement notice has not been filed and conversion work has not been undertaken so retail planning still applies to this property. The property is being presented in shell condition due to the dual planning options currently available.

Residential Use Planning Upper Floors The property, may be exempt, from the requirement of planning for the conversion of the upper floors to residential use, under a Section 5 arrangement, subject to approval by Cork City Council.

The property is in excess of 1,800sq ft. which each floor measuring the below - Ground Floor: 500 Square Feet - First Floor: 400 Square Feet - Second Floor: 355 Square Feet - Third Floor: 332 Square Feet - Attic: 205 Square Feet

There are a number of tax incentives and grants with this property.

A) Special Regeneration Area Property

The property is situated within the Special Regeneration Area which qualifies for the Living City Initiative which allows for major tax credits for work undertaken.

15% of the qualifying costs for the first six years and 10% in year seven are tax deductible through capital allowances under the scheme.

The commercial side of the program provides capital allowances over a seven-year period for works done refurbishing or converting a property “for the purpose of retailing goods or the provision of services within the State.

Notes
i) The amount of tax relief available under the commercial element of the plan is effectively capped at €200,000 for any individual project
ii) The Living City Initiative was extended to 31 December 2022 in the recent budget

B) Repair & Lease Scheme

If the upper floors are converted to residential use- the property would be eligible for the Repair & Lease Scheme. Under the scheme, property owners can get an interest-free loan of up to €50,000 to put towards repairing a vacant property which can then be leased out.

Other Information -

New slide and sash windows have been installed on the front of the building in (2017) -
The chimney was reduced in size and capped in (2016)

Title Clean and marketable title.

DNG Michael Creedon, for themselves and for the vendors or lessors of the property whose Agents they are, give notice that: (i) The particulars contained herein are set out as a general outline for the guidance of intending purchasers or tenants, and do not constitute any part of an offer or contract and are not in any way legally binding. (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of DNG Michael Creedon has any authority to make or give representation or warranty whatever in relation to this development. (iv) The particulars contained herein are confidential and are given on the strict understanding that all negotiations shall be conducted through DNG Michael Creedon. (v) DNG Michael Creedon disclaims all liability and responsibility for any direct and/or indirect loss or damage which may be suffered by any recipient through relying on any particular contained in or omitted from the aforementioned particulars. Notice 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.

The auction has not yet started
Minimum Opening Bid

€285,000


Bidding Opens On
27th Nov 2019 09:00
End Date

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Office Contact

Shane Finn Director DNG Creedon
021 4897300

Vendors Solicitor

Don Crewe Patrick Buckley & Co. Solicitors
(021) 4273198

Agreement Documents

Legal Documents

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