'Bespoke' unit with high quality tenants for sale at almost €1m
AN industrial site in Co Cork has been put on the market with an asking price of nearly €1m.
Savills has been retained to sell what it describes as a "key commercial investment" with An Post and Advance Tyre Company Limited as tenants in Mallow, Co Cork.
The property is for sale by private treaty and tenants are not affected.
The guide price is €985,000, which represent a net initial yield of 12.93pc.
The unit is being offered as one lot with a combined income of €133,000 per annum.
The lease to An Post is for 25 years from December 14, 1999. The current rent is €78,000 per annum.
The An Post Sorting office is located on the Limerick Road immediately north of Mallow town centre and west of the N20, the main Cork to Limerick road.
It is described as a 'bespoke' building developed to the specification and standard required by An Post. The building extends to around 10,900sq ft.
The lease to Advance Tyre Company Limited has been extended for a term of five years from October 21, 2012. The current rent is €55,000 per annum.
The property comprises a detached warehouse facility and the approximate floor area is 5,630sq ft, with 'excellent' profile to the Limerick Road.
Adjoining occupiers include Kearys Hyundai showroom and a Topaz filling station incorporating Supermacs.
"This represents a unique opportunity to acquire a solid income stream for properties in a high profile location let to two quality tenants," said the agents on the property, Niall Guerin and Isobel O'Regan.