A mixed-use investment in the Cork city suburb of Douglas is being offered for sale with a €9.5m guide price. Generating an income of €761,424 per annum, this would reflect a net initial yield of 7.3pc.
Margaret Kelleher of sales agents Lisney says East Douglas Village also offers potential uplift in income from its apartments and car park.
The property comprises five buildings, including a bar/restaurant and 10-bedroom hotel, as well as office and retail accommodation, three restaurants and 16 apartments.
As much as €574,860 of annual rental income is generated from commercial tenants with average unexpired lease terms (WAULT) of 8.42 years. These tenants include East Village Bar, Restaurant and Hotel, a three-storey building with bar and restaurant facilities at ground and first-floor level with 10 en-suite bedrooms on its second floor.
Other tenants in the portfolio include EBS, El Vino Tapas and Wine Bar, Ramen Asian Street Food, Oakfire Pizza, Staunton & Byrne Hair Salon, Douglas Barbers, The Ailesbury Clinic and The Metric Group. Only one ground floor unit is available.
The other €186,564 of rental income is generated by the apartments, all of which are two-bedroom units and fully occupied.
Developed in 2000, East Douglas Village is situated in a high-profile location between Douglas Village Shopping Centre and Douglas Court Shopping Centre and just south of the N40 South Ring Road.
Lisney is acting on behalf of a receiver.