Seven investment properties for €19.5m producing rental income of €1.7m

Seven investment and development properties in Limerick city producing a rental income of €1.7 million are for sale from today at an asking price of €19.5 million.

Fergal Burke of GVA Donal Ó’Buachalla is handling the sale of “The Treaty Portfolio” for private investors.

The main investment in the sale is a mixed use development at Henry Street in the city centre comprising two commercial buildings, Riverstone House and Hartstonge Gate, as well as 36 apartments.

The Office of Public Works occupy 3,031sq m (32,629sq ft) of offices on the six upper floors at at €833,112 per annum.

The lease is due to run for a further nine years and seven months. Four ground floor retail units brings the overall footage in the building up to 4,952sq m (53,300sq ft).

Hartstonge Gate, a six-storey office building with a floor area of 1,953sq m (21,082sq ft) is vacant.

The 36 two-bedroom apartments in the same complex are all let and producing a rent roll of €216,000.

The unusually large sale also includes an entire retail park, Eastpoint Retail Park, at Ballysimon Road.

There are six retail units in the park with an overall floor area of 7,432sq m (80,000sq ft).

Ó’Buachalla say that one of the units is let to Pet Mania at €73,500 per annum. There are 300 car parking spaces set aside in the six-acre park.

The portfolio also includes Barnakyle Logistics Centre in Raheen Industrial Estate which has a floor area of 9,104sq m (98,000sq ft) and Nicholas House in Crossagalla Industrial Estate which extends to 4,645sq m (50,000sq ft). Barnakyle is producing rents of €302,720 while the rental income from Nicholas House comes to €251,000.

Rent roll of €37,000
The Barnakyle property also includes

10 acres of development land.

An additional office and retail building in Raheen Industrial Estate, Pearse House, is producing rents of €37,000 per annum. The 1,532sq m (16,500sq ft) building, trading as the Raheen Conference Centre, has two retail units on the ground floor and offices overhead.

The portfolio also includes a 10-acre development site at Coonagh Road, just off the Ennis Road, and a further two acres at Crossagalla Industrial Estate on the Ballysimon Road.