Cavan properties worth c4m to go for auction
Amongst the most intriguing lots to go under the hammer at Allsop’s forthcoming commercial property auctions are four significant Cavan properties.
The auction in the RDS in Dublin on Thursday, April 23, is billed as one of their biggest auctions to-date and will see 110 lots up for grabs at a combined reserve of €32million.
Amongst the highlights for sale in the auction are the Hillside, Connolly Court complex, which is lot 30, while lot 31 is the neighbouring complex across the street known as Riverside, Connolly Court, all in Cavan Town.
Allsop is suggesting a reserve range of €2.6million to €3.1million for the Hillside, Connolly Court building.
Allsop describe it as a substantial unbroken retail and office investment building, comprising five retail units at ground floor level together with three storeys of office accommodation set across each of the upper floors.
Extending to approximately 3,167 sq m (34,093 sq. ft) in total, it is subject to five tenancies, and three retail units are vacant.
Tenants
The tenants include Specsavers, Sam McCauley Pharmacy and the HSE. Approximately 67.78% of the rental income provided by the HSE and the WAULT is approximately 6.2 years.
The rent roll currently stands at €395,575 per anum and there is potential to increase this once the vacant retail units are let.
Lot 31 features the Riverside, Connolly Court Building which comprises two ground floor retail units together with twelve two bedroom apartments overhead. There is also one retail unit let to Gamestop with a lease expiry in 2032. The current rent income is €39,642. The suggested reserve from Allsop is between €800,000 and €900,000.
Lot 61 in the catalogue is property at 14 Churchview, in Cavan Town and is more specifically situated on Cock Hill, east of Church Street. The property is arranged over first floor and second floor to provide a modern office suite.
The entire property is at present let to an individual t/a Prime Professions Underwriting Ltd for a term of one year from January 7, 2015 at a current rent of €7,200. The reserve by Allsop on this property ranges from €55,000 to €65,000.
Clones Industrial Building
An industrial building and adjoining site at Newtownbutler Road, Clones features in the catalogue at lot 72.
The property is described as arranged over ground floor only to provide a modern detached industrial building comprising a number of detached units which are interlinked. It is of portal frame construction set beneath a metal deck roof, and benefits from eight dock levellers. The Allsop reserve on this property ranges from €215,000 to €235,000. Auction results will be published in coming weeks.