INVESTORS can expect a bounce in their returns on a building for sale with a €775,000 asking price — it’s let on a long term lease to a trampoline centre, called Jump Nation.
Up for sale is an entire commercial building of 15,200 sq ft in the Doughcloyne Industrial Estate, in Cork city’s southern suburbs at Wilton, just off the city’s ring road.
It’s let to Munster’s first purpose-fitted out trampoline centre, catering both for exercise classes for adults, as well as for children and parties, and is held on a 20 year lease, since 2014.
Rent is €71,000 pa, so there’s a 8.5% return on the investment, notes estate agent Rob Coughlan of Cohalan Downing Associates, and who’s selling for a private investor vendor. “It’s a fantastic building in an established area, in a very accessible estate which is fully occupied,” he observes.
The modern 1,412 sq m/15,200 sq ft unit is on a site of 0.7 of an acre, with extensive parking and is let to Jump Nation Ltd, with five years down on a 20-year lease, with tenant break options in a June 2024, and June 2029, and five yearly reviews to market level. Mr Coughlan says the sale gives “an opportunity to acquire an impressive commercial investment with the tenant remaining unaffected in this high-profile and established location by the N40 and with easy access to the surrounding residential catchment”.
The indoors-only leisure user Jump Natina has invested heavily in a specific fit-out, comprising over 40 trampolines in a grid formation across the floor and even up the walls, reassuringly comfortable under an eaves height of 5.6 metres and an apex of 9.3 metres....
Areas include an open zone, dunk zone, dodge zone and foam zone, and Jump Zone’s website says it caters for all ages, and includes fitness classes, and is backed up by a cafe, party/function rooms, mezzanine etc Other occupiers within the Doughcloyne Industrial Estate include a Driving Test Centre, Abbeyside, Frank Clarke Hardware, Keary’s Van Centre, SIG, South Coast Sales and Munster Forklift.
Details: Cohalan Downing Associates 021-4277717