Road Safety Authority HQ to market for €2.6m
Published 21/05/2015 | 02:30
The Road Safety Authority's headquarters in Co Mayo has been put on the market with an asking price expected to be close to €2.6m.
The sale of the commercial investment - which extends to 1,987 sq m (21,380 sq ft) - is being handled by Ian Lyons & Conor Whelan.
Both office units are let to The Commissioners of Public Works in Ireland t/a The Road Safety Authority.
The property serves as the headquarters of the Authority within Ireland. The OPW tenant is considered to be 'blue chip' and the tenants will not be affected by the sale. Both leases run co-terminus for a term of 20 years from February 2007 and the full contracted rent equates to €243,188 per annum.
The two storey commercial properties form two thirds of the space occupied by The Road Safety Authority in Moyvalley Retail Park as they also occupy the adjoining Unit Two. The property is arranged to provide for two extensively glazed detached modern office buildings. The ground floor and first floor comprises a mixture of open-plan and cellular office accommodation. Internally, the properties are fitted to a good modern standard. Extensive car parking is provided to the front and side of both units.
Units three and four are located at Moyvalley Retail Park which is situated on the western edge of the town close to to Ballina train and bus station.
The properties are located in Ballina town just off the main Ballina to Dublin Road in a purpose built commercial and retail park that can be accessed directly off the 'The Commons' Road.
Ballina is 35 km from the Mayo's largest town, Castlebar.
Ian Lyons, of Allsop, commented: "Three and four Moyvalley Retail Park provides an opportunity to acquire an asset with an extremely strong covenant.
"It is rare for OPW leases with over 11 years unexpired to be offered to the open market like this.
"This investment will appeal to investors seeking to take advantage of the 'dry nature' of the income remaining during the course of the lease term, with potential capital uplift," he added.
The units are set within Moyvalley Retail Park which comprises multiple retail warehousing units, light industrial units and showroom space together with office accommodation.
The office spaces are believed to have a high quality finsih, and include the likes of suspended ceilings, raised access floors, floor boxes, and a blend of recessed and suspended light fittings.
This is the latest in a string of investment properties being offered by Allsop as the firms moves beyond the auctions that it has become renowned for.
The company hired Conor Whelan as head of investments and commercial agency, and it would appear that move is already paying off dividends for the agent, which is headed by Stephen McCarthy.