“There’s no development like this in the area,” says DNG Creedon estate agent Shane Finn, as he brings a commercial investment in Kinsale to the market.
He is selling units 1 to 6 at the Kinsale Commercial Park, on the fringes of the south Cork tourist town, and notes that the six are fully let, and generate an income of €110,000 per annum.
Despite that, he says rent could be increased to €130,000 or €140,000 per annum from the six lets , Mr Finn suggests, and he guides pre-auction from €800,000.
At that level, it shows a return of 13.75%, and if rents were increased (and tenants stayed and paid) to the €140,000 mark, the return would be an even more impressive 17.55% with full occupancy.
Set just to the north of the town of Kinsale, on the Cork side near Lidl and Bandon Co-op, the park, which was built in 1998, comprises nine/ten units, with numbers 1 to 6 being offered for sale, and typically the park caters for start-ups looking to grow, and to existing businesses.
Sizes range from 850sq ft to 3,000sq ft at ground, and units typically have mezzanines, with scope if needs be for some units to be interlinked.
Current layout sees ten first-floor offices and nine ground-floor units under, within the building.
The DNG online auction is scheduled for July 9, and included as a separate lot on the day is a two-bedroomed, first floor apartment at Frankfield, near suburban Douglas in Cork.
The guide for 96 Alderbrook is from €160,000.