TWO ATTRACTIVE INVESTMENT PROPERTIES FOR SALE TOGETHER
Date : 09 May 2011
Two attractive investment properties with a good return in counties Cork and Limerick have been put on the market for sale by independent global property consultancy Knight Frank Ireland.
The properties, very well let as both are operating NCT centres, are being offered for sale together. The first is located in Charleville, Co. Cork, the second in Abbeyfeale, Co. Limerick. Both properties have an attractive lot size of 2,726sq.m (253,29sq.ft) and are on the market for sale by private treaty at a total of €550,000, subject to contract.
Knight Frank Ireland estimates that an investment purchase at this level would show an attractive net initial yield of 9.31%, after allowing for purchaser costs of 8.42%.
Both NCT centre properties are let on similar leases, 30 years from the beginning of January 2000 with break options in years 10 and 20, so they offer the investor attractive terms as the next break option arises in 8 and a half years’ time.
The blue chip tenant in both properties is the NCT centre service contractor, Applus Car Testing Service Ltd., a Spanish multi-national that operates in 43 countries worldwide and is the second largest global provider of vehicle inspections. The company operates all 46 car testing centres in Ireland.
“These properties provide an excellent and very secure investment proposition” says Knight Frank Ireland investment surveyor and divisional director Ian McKee, who is handling the sale. “In good lot sizes, with an excellent covenant and extremely well let to a global company operating our national car testing centres, they also offer an attractive return net yield for the investment”.
The NCT centre properties are modern, stand alone industrial buildings, similar in design and size with steel portal frame construction and arranged over one floor with car testing area, reception and staff facilities.
The Charleville property is located next to Charleville Business Park on Baker’s Lane, close to the Charleville Shopping Centre. The Abbeyfeale property lies about 1km from the high street and is sited on Athea Road, next to the Golden Vale Mart.
The properties are being sold by Knight Frank Ireland jointly with local auctioneers, GVM of Limerick. Tom Crosse is handling enquiries on behalf of GVM; Ian McKee on behalf of Knight Frank Ireland.
Further information:
Ian McKee, Investment Department divisional director, Knight Frank Ireland
Tel: +353 1 6623255 Email: ian.mckee@ie.knightfrank.com
Notes to editors:
· Knight Frank Ireland was formerly the well-known Ganly Walters, which became part of the independent global property consultancy Knight Frank LLP in May 2007. A wholly Irish owned company, Knight Frank Ireland is the Irish representative of Knight Frank LLP, the biggest privately owned consultancy firm in the property business, operating from 207 offices in 43 countries, across six continents and employing more than 6,340 professionals who handle in excess of US$886 billion (£594 billion) worth of commercial, agricultural and residential real estate annually.
· Knight Frank Ireland’s turnover is in both country & residential real estate and commercial property, particularly in investment consultancy. The Irish company is headed up by Paul McDowell, managing director and Head of Investment. Consultant Robert Ganly and director Callum Bain head up its country & residential business. Knight Frank Ireland also has a commercial property, asset and facility management wing, which operates under Knight Frank Management Ireland. Please visit www.knightfrank.ie