Cavan town centre investment at €3m
Agent JLL is guiding a price of over €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 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 a year 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 €35m.It is co-funded by both the Government and European Union.
The CMETB covers an area with a population of 136,000 people, providing further education programmes in 100 locations catering to over 8,000 participants. Services include second-level schools, further-education colleges, adult-education services, youth reach, youth services, outdoor education, prison education and arts education.
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."