Commercial Property

Three properties at Cavan business park on market for €1.5m

Two of the properties are investment opportunities, and one comes with vacant possession

One lot is let to McDonald’s, and will show a net initial yield of 7.86% based on the guide price of €1.1m being achieved

Justin Comiskey
Tue Jun 13 2017 - 18:00

A portfolio of three properties at Pullamore Business Park in Cavan are on the market for €1.5 million through joint agents CBRE and Crotty Auctioneers.

Two of the properties are investment opportunities, and one comes with vacant possession. The portfolio is also available in one or more lots.

Top lot is a McDonald’s outlet of 264sq m (2,840sq ft) that is producing a rent roll of €90,304 per annum on a 25-year lease from 2000 that is subject to five-yearly upwards-only rent reviews.

It is let to McDonald's Restaurants of Ireland, and will show a net initial yield of 7.86 per cent based on the guide price of €1.1 million being achieved.

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A modern industrial premises of 251sq m (2,707sq ft) which is used as an NCT centre is guiding at €300,000. It is let to Applus Car Testing Service on a 30-year lease from 2000 at a rent of €28,689 per annum. The lease provides for a break option in 2020 which is subject to three months’ notice. At the guide price the premises would show a net initial yield of 9.15 per cent.

Units 20A and 20B at Pullamore comprise two adjoining light industrial units of modern steel frame construction with block walls beneath a profile metal clad roof incorporating translucent glazing. The units extend to 337sq m (3,626sq ft) each, and the agents are guiding €100,000 for both.

Pullamore Business Park has an extensive profile on to the busy N3 Dublin to Cavan road. Other occupiers within the park include Texaco, Luxor Lighting and Cavan Tyres.

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