A RETAIL and office investment portfolio held by three private investors is to be offered for sale at €2.3 million by agent CBRE.

Insolvency specialist Kavanagh Fennell is overseeing the sale of the five properties in Galway and Kilkenny which are producing a rent roll of €214,300 – reflecting a net yield of 8.92 per cent. One of the buildings is vacant.

Natalie Brennan of CBRE says the plan is to sell the portfolio as a single lot but, if a buyer does not emerge, they will offer the properties for sale on an individual basis.

The most valuable asset, 19 William Street in Galway, is located beside Brown Thomas, Foot Locker and the entrance to Eyre Square shopping centre.

The building is let to Galway Camera shop at a rent of €60,000 per annum under a 35-year lease which has another 16 years to run. The three-storey building has an overall floor area of 73.5sq m (791sq ft) including 26sq m (280sq ft) of retail space.

Also in Galway city centre are two self-contained office suites at 3 and 3a Commerce House on Flood Street which are producing a combined rent of € 41,500 per annum. The tenants are Hays Recruitment and O’Boyle Associates, a Galway-based firm of auditors and accountants. The O’Boyle unit has a floor area of 128sq m (1,378sq ft) while the other unit extends to 135sq m (1,453sq ft). Flood Street is a traditional office location in the heart of the city.

The only vacant building in the portfolio, 17/18 Mary Street, Galway, is located close to the junction with Eglinton Street. The three-storey building with a shop on the ground floor has an overall area of over 193sq m (2,077sq ft) and is located beside Eddie Rocket’s and O’Donnell Joyce Auctioneers. When let it is expected to produce an income of around €35,000.

Number 12 Cross Street in Galway has Diamond Gold jewellers as a tenant on the ground floor at a rent of €15,600 per annum. A three-storey apartment on the upper floors is producing €7,200 per annum. The building is located along a busy stretch close to the junction with Williamgate Street.

The Kilkenny property, 5 Market Cross shopping centre, is let to Shoe Zone Ltd at a current rent of € 90,000 per annum. The lease of the 173sq m (1,862sq ft) shop on level one of the centre is due to run out at the end of May, 2019. The tenants in the centre include Heatons, Penneys and Superquinn.