Cavan investment is guiding at €3m
JLL is guiding a price in excess of €3m for a commercial investment offering a long-term secure income and an attractive yield in Cavan town.
No 2-6 Church View Square comprises five interconnecting office units within a larger own-door office scheme.
All five units included in the sale are currently occupied by The Cavan and Monaghan Education and Training Board (CMETB) on a 35-year, full repairing and insuring (FRI) lease commenced in November 2009 with no break option, resulting in a term certain of 26.6 years.
The current rent is €235,000 per annum and features upwards-only rent reviews. The property includes 27 car parking spaces, which are included in the CMETB lease.
The guide price of €3m represents an initial yield of 7.2pc after standard purchaser's costs of 8.46pc.
The Cavan and Monaghan Education and Training Board was established on July 1, 2013 under the Education and Training Boards Act 2013, replacing the County Cavan VEC and County Monaghan VEC.
The CMETB is a statutory authority that manages an annual budget of approximately €35m.
The CMETB is co-funded by both the Irish government and the European Union.
Jacqueline Fitzpatrick of JLL says: "With 26 years unexpired, no break options and upward-only rent reviews to a statutory authority, this provides an investor with long-term secure income in a town centre location at an attractive yield."