Sligo investment for €3.7m

A mixed-use investment completed in Sligo town centre in 2010 is to be offered for sale through agent Bannon with an asking price of €3.7 million.

Castlewood House has frontage on to both Rockwood Parade, along the Garrivogue river, and Castle Street and comprises a large department store occupied by Heatons, together with four floors of self-contained offices and 16 apartments with car-parking. The property was developed by local businessman Kevin Quinn and family.

Heatons rent the 2,341sq m (25,198sq ft) department store fronting Castle Street on a 25-year lease from 2010. The current rent of €200,000 will be subject to a fixed uplift to €250,000 in 2015 with market reviews five yearly thereafter.

The office accommodation, currently vacant, has a separate access and lobby from Castle Street.

Apartments
The residential element includes 21 apartments, 16 of which are going for sale. Nine of these are one-beds while the remaining seven have two bedrooms. Fifteen of the 16 apartments are presently rented and producing around €120,000 per annum.

The apartments are located in two blocks alongside a landscaped courtyard.

A basement car park with over 50 spaces is available for use by the residential and office tenants.

David Carroll of Bannon said if a buyer does not emerge for the entire portfolio they plan to sell the commercial element and the car park in one lot with the apartments being offered for sale separately.