Mixed Use Investment in Cavan
Cavan, 22nd October 2015 – CBRE & Quadrant Real Estate launch Hillside & Riverside, Connolly Court, Cavan to the market.
The sale provides 2 substantial mixed use buildings strategically located at the heart of Cavan town centre. The first building, Hillside, comprises a retail and office building arranged to provide 6 x ground floor retail units together with a primary care facility over the 3 upper floors. On the ground floor, Unit 3A is currently let to Specsavers under a 20 year lease from February 2010 at € 30,000 p.a. Unit 4 is let to Sam McCauley Pharmacy under a 9 year 6 month term commencing on the 17th July 2013 at a rent of € 80,000 p.a. The remaining 4 retail units are vacant. Overhead, a total of 2,531 sq. m of office accommodation is occupied by a combination of The Farnham Medical Practice & HSE, the Farnham Medical Practice occupy approximately 1,277 sq. m under a 10 year lease from 2012 at a rent of €17,450 p.a. with HSE occupying approximately 1,254 sq. m. under a 9 year & 6 month lease from December 2011 at a rent of €199,375 p.a. There is also a SLA in place with the HSE amounting to a further € 68,750 p.a. This provides for a total rent roll of €395,575 p.a. with the potential add value from the letting of the 4 vacant retail units.
The second building, Riverside, comprises a 4 storey mixed use property is arranged to provide 2 ground floor retail units together with 12 x 2 bedroom apartments over the 3 upper floors. The property extends to approximately 872.61 sq m (9,393 sq ft) and 1 of the retail units is vacant while the other unit is occupied by Gamestop Ltd t/a Gamestop under a 25 year term from August 2008 at a rent of €39,642 p.a.
The joint agents are quoting €3,800,000 which reflects an NIY 10.96% and provides an investor the opportunity to increase the return by letting the vacant retail units and the apartments.
The joint agents commented:
“The existing tenant profile combined with the add value options presented by the remaining vacant units will be attractive to a range of domestic and international buyers.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.