Saturday 17 March 2018

'High-yield investment' property on sale

Tara Fitzsimons

LISNEY is offering what is being described as a "high yielding investment property" for sale in Carrigaline, Cork.

The premises, which comprises a mixed retail/bank, office and residential investment property, has a current total rental income of some €357,020 per year.

Edward Hanafin is the agent offering the property for sale by private treaty in one lot at a guide sale price of €2.1m which equates to a net initial yield of 16.28pc.

The development, in three main blocks, was completed in 2007 and Lisney claims it provides a high standard of accommodation.

There is 100pc occupancy with rental income of €313,940 per year from the two commercial tenants, Ulster Bank and the Office of Public Works.

The front retail and bank building is about 464sq m in size and is let to Ulster Bank on a nine-year, 11-month lease from September 2007 at a rent of €210,000 per year.

The rear two storey office block contains some 410 sqm and is let to the OPW on a 20 years and one-month lease from April 2008 at a current rent of €103,940 per year with five yearly upwards only rent reviews and a tenant break option at the end of Year 12.

The complex also includes five two-bedroom apartments on the upper floors of a former mill building ranging in size from 65 sq m up to 82 sq m.

The apartments are fully let producing a total current rental income of €43,080 per year.

A sale before the end of this year will allow a purchaser to benefit from the Capital Gains Tax incentive which is due to expire at year end.

Irish Independent

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