Ten buildings in Cavan town centre on sale for just over €3m
Tenants on site including county council, HSE and Boots pay rent roll of €357,000
The Cavan site has eight retail units along with eight apartments, two pubs, offices, a school, a former B&B, car park, house and development site
Ten buildings on a site of 2.42 acres in the centre of Cavan town are on the market at more than €3.25 million through agent Knight Frank.
The portfolio, which extends to 4,181sq m (45,000sq ft), is generating a rent roll of €357,000. This would reflect a net initial yield of 11 per cent before any asset management opportunities, such as letting vacant space, are introduced to increase the rental income.
Tenants include Boots, CCVEC Cavan Institute, Cavan County Council and the HSE which combined make up about 50 per cent of the passing rent roll.
There are eight retail units in the portfolio along with eight apartments, two pubs, offices, a school, a former B&B, car park, house and development site.
The site is zoned “town core” and a master plan area under the Cavan Development Plan 2014-2020. This zoning encourages new buildings to establish a vibrant town core, and there is a specific objective to facilitate back-land development to form a civic space.