€2.1m for mixed-use property in Cork
Lisney is offering a yield of 16.28 per cent on a mixed-use investment property in Carrigaline, Cork.
Edward Hanafin of Lisney is seeking €2.1 million for the property which includes a retail bank, office and residential accommodation.
Ulster Bank and the OPW are paying €313,940 of the overall rental income of €357,020. The front two-storey bank building extends to 464sq m (4,995sq ft) and is let to the Ulster Bank on a nine-year and 11 months lease from 2007 at a rent of €210,000 per annum.
An almost similar floor area is let to the OPW on a 20-year lease from 2008 at €103,940 with five yearly upwards-only rent reviews and a tenant break option at the end of year 12.
The complex also includes five two-bedroom apartments on the upper floors, which are producing a rental income of €43,080 per annum.