Midleton town deal package packs a punch

A RENT roll of €72,000 a year from six tenants, plus 22 vacant business/industrial units stretching to almost 100,000 sq ft of buildings on over five town acres, is on offer for the all-in sum of €750,000.

The Midleton town deal, via agents ERA Downey McCarthy, will appeal to investors, developers and entrepreneurs, as well as possible end-users who’ll take a large portion of available space, and part-fund their purchase via rental income.

Listed this month is the Midleton Business & Enterprise Park on Dwyers Road, a former textile plant redeveloped and sub-divided over the past decade or two to comprise 28 units, the majority of which (22) were previously tenanted but currently are vacant.

There’s a current income of €72,000 from the six tenants, which include the Department of Social Protection/Midleton’s Social Welfare office paying a rent of €19,050; Mercury Food Distributors Ltd, paying €10,293 pa; Cascade Ltd paying €7,019; WRS Furniture, €3,601; Vertex steel fabrication €4,820, and Midleton Fitness Centre (MFCL) in units 24A/24/B, paying €20,250 plus €6,975.

The property was part of a larger mid 1900s industrial estate, east of Dwyers Road and the Midleton Park Hotel and west of the Watersedge development, within a walk of the town centre.

The hinterland includes several residential developments, with major 2000s mixed-used/discount retail, office, restaurant drive-thru and residential developm just to the north by the Owenacura river and Riverside Way.

The property is zoned ‘Town Centre and Mixed Uses’ in the current Midleton Development Plan, live until 2020, and the East Cork LAP review in 2015 identified its grounds as a possible redevelopment opportunity which enjoys an excellent location in the centre of the town.

Agents Ger White and Seán McCarthy of ERA Downey McCarthy say the €750,000 offer is “an exciting development/investment opportunity with a significant opportunity to increase the current rent roll.

Details: ERA Downey McCarthy 021-4905000