TWM brings to the market Lár na Cathrach, Abbey Trinity, Tuam, Co Galway, a mixed use investment opportunity which is producing a gross rental income of €153,500 per annum as at Q1 2016.
Lár na Cathrach comprises a modern architecturally designed four storey over basement development in the centre of Tuam.
Lár na Cathrach provides commercial use at ground and first floor, with 19 apartments situated overhead. There are seven commercial units, two of which have restaurant use. The commercial units are accessed individually at ground floor, and range in size from 62sq m to 884sq m. These units are available for subdivision to provide smaller units or amalgamation for larger accommodation.
The 19 apartments are laid out over the second and third floors of the building, accommodating 13 duplex and six single storey two bedroom apartments. The apartments are accessed from an external walkway at second floor level via internal stairway and passenger lift. Each apartment is laid out to provide open plan kitchen/living area, separate bathroom, and two double bedrooms. Sixty two car parking spaces are provided at basement level with additional on street parking within the immediate area.
Two of the commercial units are occupied with a WAULT of approximately four years remaining at an annual rent of €41,600 per annum, while the remaining units are vacant. All 19 of the residential units are let subject to a gross rental income of €111,900 per annum, as at Q1 2016. A local multinational occupier within Tuam, Valeo Vision Systems, has taken a corporate letting on 11 of the apartments on a six month rolling basis since 2013, while the remaining units are individually let. The total rental income for the development as at Q1 2016 equates to €153,500 per annum.
TWM is seeking in excess of €1.7 million which reflects an initial yield 8.64 per cent (based on gross income and assuming standard purchaser costs of 4.46 per cent ). With negligible deposit rates and strong demand for residential rental accommodation, Rosemary Casey and Sarah Winters of TWM are expecting good interest. They commented that this is an attractive lot size for investors who will be enticed by the asset management angles and immediate rental growth potential.
For more information contact Rosemary Casey or Sarah Winters at 091 458 987 or visit twmproperty.ie