Home Public Procurement Credit union’s ‘health cheque’ as Bishopstown branch looks to cash in

Credit union’s ‘health cheque’ as Bishopstown branch looks to cash in

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Credit where credit’s due — the super-suburban location of this Cork commercial property, plus adjoining house, should mean a healthy interest in the sale next month, by public tender.

Going to market this week with Denis Guerin of Frank V Murphy & Co is the prominently-sited Bishopstown Credit Union, built 23 years ago, on the Wilton Road, right on the doorstep of the Cork University Hospital/CUH-CMUH medical campus, and the Wilton Shopping Centre.

It’s a very high quality office/suites style building, on a c 0.3 acre corner site with extensive parking, used for banking-style purposes: offered as a separate lot by John Barry of Frank V Murphy & Co is an adjacent detached of about 1,350sq ft house, on the Wilton side, called Glenart, which is also owned by Bishopstown Credit Union.

The Wilton Road Credit Union 5,700sq ft building is expected to fetch in excess of €1.5m.

The main two-story building, with roof terrace/garden, is being vacated by the 23,000-member strong suburban city credit union with reported assets of €150m, and will be available with vacant possession, suitable for a range of uses, with feature banking hall/foyer, five private offices, safe rooms, and WCs, including those with access for the disabled.

New uses are expected to be medical related, eg consulting rooms, treatment rooms or as a dedicated care centre.

While the HSE may have an interest as a buyer, or user, it’s also expected there will be private interest, from possible investors and/or end users across a broad medical care spectrum, suggests Mr Guerin.

It’s being sold on now as the Bishopstown Credit Union finally prepares to move next month to a brand new, purpose-built three-storey €6m new Credit Union branch on the Curraheen Road: this move is the culmination of a plan first put together almost a decade ago.

The HSE and medical interests may have plans in the sale of the building and adjacent house, located close to CUH campus.
The HSE and medical interests may have plans in the sale of the building and adjacent house, located close to CUH campus.

The Credit Union bought the former Viscount bar on the Curraheen Road, by the old Dunnes Stores and Firgrove estate, back in 2011, for a price reported at the time of €1.5m.

The Viscount had been owned previously by the Rebel Bar Group, controlled by the Scriven family, with a number of their Cork bar asset disposed of around 2010-2012. The Rebel Bar Group had previously bought the Viscount from the Collins family, owners of the Carrigaline Court Hotel and Barry’s pub in Douglas, for €5m in 2006.

After the Bishopstown Credit Union bought the Viscount, and secured planning for replacement with an even larger branch and who sold off smaller district CU branches, construction work on the ambitious new build was halted by a protracted legal/boundary issue with neighbour Dunnes Stores who have a valuable site and store on Curraheen Road.

As construction rounds up and as fit-out engages, it’s expected the new branch will finally be open in March of this year.

Work in progress on the new Bishopstown Credit Union building on the site of the old Viscount Bar.
Work in progress on the new Bishopstown Credit Union building on the site of the old Viscount Bar.

No guide price is quoted now by auctioneer Dennis Guerin of Frank V Murphy & Co (who had been joint agents in the sale of the Viscount in 2011). The date for the public tender offers is Wednesday March 18, the day after St Patrick’s Day, and a small, beauty parade of bidders is expected.

It’s expected to fetch in excess of €1.5m, as the main lot with 5,700sq ft of well-kept and architect-designed building, with conical tower feature, on a decent sized site with parking for 24 vehicles.

Also offered by tender March 18 is the adjacent Glenart, a detached three-bedroomed 1,350sq ft house on a site of about one-tenth of an acre. It’s dated, in fair condition and may be bought by the same purchaser of lot one, or by an investors given rental demand in the area, and scope to extend to make it a five-bed rental. No guide is quoted, but value is likely to be in the region of €350,000.

DETAILS: Frank V Murphy & Co021-4274204

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