Versatile Midleton property has €35k rental potential 

Commercial and residential potential at the same time 

4 Main St, Midleton

A substantial Midleton property combining commercial and residential accommodation, with potential to generate €35,000 rental income per annum, has just come to market for €395,000.

The mid-terrace premises at No 4 Main St includes two fully-tenanted commercial ground floor units, as well as a vacant five-bed apartment over the upper floors.

A large yard to the rear has vehicular access and parking for seven to eight cars.

Selling agent John Barry of Frank V Murphy auctioneers said the yard “has obvious redevelopment potential, subject to planning permission”.

“This property will be attractive to an investor who wants a nice income stream from both commercial units, the potential for further rental income from the apartment and the undoubted potential in the yard at the rear,” Mr Barry said.

The tenants include auctioneering firm Colbert & Co, who have occupied the street-facing 49sq m (525sq ft) unit since 2012 and recently renewed their lease, with nearly five years to run, while retailer Earthway, whose products include freshly made organic salads and soups, along with eco-friendly household and body care products, occupies a 77sq m (824sq ft) detached unit through a gated archway off Main St. Between them, the two units generate €24,000 in rental income per annum.

The upper floor living accommodation — which Mr Barry said can generate up to €11,500pa — includes a kitchen, dining room, living room, bathroom and rear storage on the first floor, with five bedrooms spread over the remaining floors.

The main bedroom on each floor has an en suite and the total floor area for the apartment is 154 sq m (1648 sq ft). It can be accessed via a front door on Main Street or a back door with access from the rear yard.

Mr Barry said the premises has “good tenants” and is in “quite good condition” with some windows needing upgrades. The apartment, which was a family residence for many years and later rented out, comes with vacant possession.

The agent said No 4 represents an “excellent opportunity to purchase a mixed-use investment property”.

The building occupies a prominent position on Main Street, close to the junction with the New Cork Road.

Midleton is a large and expanding market town where numerous large scale residential developments are currently under construction in its environs. The town is supported by a large agricultural hinterland, local businesses, Midleton Distillery and a host of multi-national employers in the greater East Cork area.

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