€2m sale for Maltings

A MODERN mixed-use investment building in Cork’s Carrigaline has been sold for around €2 million, acquired by an Irish investor via a competitive bid process.

The Maltings building on Main Street, Carrigaline, is let to Ulster Bank as well as the Department of Social Protection with a current income of €357,000 pa, with five overhead apartments.

Ulster Bank Ireland Ltd pays the lion’s share of the rent for 5,000 sq ft over two levels, at €210,000 pa, but it is on a lease of nine years and 11 months from September 2007; that anticipated 2017 change in rent was factored into the longer-term value of the building by the bidders.