Kilkenny unit for sale
Published 10/05/2015 | 02:30
TWM has been retained as agents for a retail property in central Kilkenny with an asking price of just under £3m.
The firm is selling what it describes as "a very attractive retail investment opportunity in the heart of the vibrant city of Kilkenny".
The modern retail unit sits on Kilkenny main street and is currently occupied by Argos.
The retailer fully occupies the property on a 20 year full repairing and insuring lease from April 1997.
It is currently paying rent of €300,000 per annum.
The freehold property extends to 775 sq m (8,341 sq ft) with rear access and extensive frontage onto High Street of around 10m.
"The pitch is strengthened by surrounding retailers to include; Boots, Monsoon, Jack and Jones, Wallis, Holland and Barrett, Heatons, Penneys, Carphone Warehouse and Elverys," the agents said.
TWM director Michele Jackson said she is expecting good interest from property investors looking to add value and secure high yielding investments.
"The investment opportunity is positioned to benefit from asset management initiatives by re-gearing or re-letting the unit and achieving yield compression.
"Offers are invited in excess of €2.96m which reflects a net initial yield of 9.7pc assuming standard purchasers costs of 4.46pc," Ms Jackson said.
The property will likely draw significant interest.
Sunday Indo Business