Swiss Property Management Limited, an Irish-registered property company directed by Zurich-based investor Mischa Khakshouri, has acquired No 23 St Patrick's Street in Cork for in excess of €1.8m, adding a further high-profile commercial asset to a growing city centre portfolio.

The Irish Examiner reported that the 4,499 sq ft three-storey building, formerly home to the Tung Sing Chinese restaurant on its upper floors, was brought to market by Savills on behalf of Irish Life with a guide price of €1.7m, selling above that level.

The ground floor is occupied by jewellers H Samuel, which recently signed a 10-year lease to June 2035, providing immediate income security for the new owner. Plans for the upper floors include attracting a new restaurant operator at an annual lease of €45,000 per annum.

The acquisition marks the latest in a series of Cork city centre purchases by the investor since establishing Swiss Property Management Limited in Ireland six years ago. Previous acquisitions include the Holland & Barrett-occupied property at Nos 43/44 St Patrick's Street for €2.6m in 2023, the former Ulster Bank premises at Winthrop Street for close to €1m in 2024, and Carbery House at 67-69 South Mall, acquired off-market in 2022 for around €2m.

Planning permission was granted in 2024 for the South Mall building to be converted into 17 apartments with a ground floor café. The former O'Connors shoe shop at No 57 Oliver Plunkett Street was also converted into upper-floor residential under the same investor's ownership.

Khakshouri is also registered in Swiss commercial records as president and CEO of Kh Holding AG, a Zurich-based holding and investment company, and as president and CEO of MKM AG, active in architecture and engineering services.

Read the full details of the St Patrick's Street acquisition and the investor's wider Cork property portfolio.