As racegoers study form in Ballybrit, investors are invited to take a punt on a bookies or a pharmacy in West Cork
Boyle Sports, Macroom
HORSERACING enthusiasts are busy weighing up the odds in Ballybritt this week, but down West Cork way, investors might fancy taking a punt on a Boyle Sports store in Macroom.
The commercial premises, in the town’s South Square, looks like a safe bet, as the bookmaker has a dozen years left to run on its lease. Rental income generated by the ground floor retail outlet is €28,000 pa. There are two overhead apartments too, both one-beds, which have been empty for a number of years, which means a new landlord is not bound by the limits that apply in rent pressure zones. OM2, who are handling the sale, say the 195 sq ft, three-storey premises has the capacity to generate a total rental income of at least €46,000pa.
“But really we’ve been conservative in our estimates,” said selling agent Ellen O’Sullivan of OM2, who has set a starting price of €380,000 for the building.
There’s been a “steady stream of viewings” since the property was launched and bidding is currently up to €375,000. Ms O’Sullivan said it was a “first class investment opportunity to purchase a quality property with a blue chip sitting tenant” with the bonus of additional rental income from two ready-to-go apartments, one on each of the top two floors, measuring 43 sq m and 51 sq m respectively. The BER for the ground floor is a B3 while the residential units have D1 and E2 ratings.
Closer to Cork City, on Bandon’s South Main Street, is another investment opportunity, where the odds also look good. The ground floor of the three storey commercial premises at Nos 12-13 is also occupied by a blue chip tenant, a Boots pharmacy, in situ for 10 years and with another five years to run on the lease.
Annual rent roll is €50,000. The property comes with four overhead apartments which are also rented out, with a combined rent roll of c€30,000, bringing total rental income to c€80,000.
Damien Murry of Paddy Murray Auctioneers says the property is “in the heart of a thriving business environment”. The guide price is €945,000.
The ground floor at Nos 12-13 includes 245 sqm of retail space and an additional 130 sq m for storage. The apartments, on the upper floors, are all one-bed. The overall size of the premises is 464 sq ft. The transaction will not affect tenants.
Ellen O'Leary, OM2, tel: 0214876008 email:ellen@om2.ie
Damien Murray, Paddy Murray Auctioneers, tel: 0238844485 email: pmauctioneers@gmail.com
