Wednesday 15 August 2018

Retail and office investment in Nenagh town centre at €850k

Friars Court Nenagh
Friars Court Nenagh
Ronald Quinlan

Ronald Quinlan

Agents Lisney are guiding a price of €850,000 for a town centre commercial property investment in Nenagh, Co Tipperary.

The property is centrally located at Friars Court just off Pearse Street, at the heart of the town's main retail and commercial area. It comprises a modern, mixed retail and office development in a three-storey building.

The ground floor is laid out as seven own-door retail units ranging in size from 390 sq ft up to 1,010 sq ft. There are also four small office units on the ground floor. There is lift and stair access from a ground floor lobby to office accommodation on the first and second floors which comprise 4,680 sq ft and 5,492 sq ft respectively.

The current total rental income is €77,562 per annum from nine tenants which include Nenagh Jobs Club, Haven Beauty Clinic, the Legal Aid Board, Acorn Life and North Tipperary Leader Partnership.

According to Lisney there is potential to significantly increase the rental income by securing tenants for the four vacant ground-floor retail units and three vacant first-floor offices.

The overall total net internal floor area is approximately 16,263 sq ft and the rental potential based on full occupancy is estimated to be in the region of €120,000 per annum.

Nenagh is the main town in North Tipperary and has a population of just under 9,000. The main employers in the area are First Data, Careys Glass and Arrabawn Co-Op. Tipperary County Council's offices are also located in the town. Nenagh has a healthy retail offering, with all the main supermarkets represented, including Dunnes Stores, Tesco, Aldi and Lidl. Easily accessible by road, Nenagh is also served directly by train.

Lisney are offering the property for sale on behalf of the receiver, Gearoid Costelloe in Grant Thornton. The quoted sale price of €850,000 which equates to a net initial yield of 8.4pc with potential to increase the yield to region 13pc once there is full occupancy.

Sunday Independent

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