Office investment Nore House selling for €600,000

An office investment, with a wealth-management company in occupation, is selling for €600,000.

Founded in 1971 by Ted Dwyer, and now employing 20 people in Cork and Galway, financial advisors, City Life Wealth Advisors, have been in occupation of the ground-floor of Nore House/Unit 2, in Cork’s suburban Riverview Business Park, for just over a decade.

Now, their 3,000 sq ft office, for which they pay an annual rent of €50,00, is for sale, on a new 15-year lease from the start of 2016.

Joint selling agents, Brian Olden, of Cohalan Downing, and Sam Kingston, of Casey and Kingston, describe Nore House as a modern, purpose-built office, an investment opportunity with established tenant and 12 car spaces.

Riverview Business Park is near Bessboro and off the Skehard-Mahon road, and other office-occupiers nearby include the major employer, Voxpro.

Adjacent parks include the Heritage Business Park, Mahon Industrial Estate. Also close by are Mahon Golf Club, Mahon Shopping Centre, and City Gate.

The agents bill the sale as a tenanted investment opportunity. City Life Wealth Advisors, now in second-generation management under MD, Eamon Dwyer, moved to Nore House from South Mall in 2005, when it employed 12 in a rented premises.

It opened a second office in Galway, at St Mary’s road, in 2011.

City Life describes itself “as one of Cork’s premier wealth-management firms,” and offers advice and product services in the succession, pension, investment and life assurance markets. It has assets under advice in excess of €210m and has twice been shortlisted for Irish Financial Planning Firm of the Year, by the Irish Brokers’ Association.

At the multi-tenanted Nore House, there are management fees of €2,589 and rates of €11,060 pa.

Other tenants include Cork Mental Health Foundation and Housing Association, in Unit 4, and engineering consultancy, Enterprise System Partners, as well as international mapping/geospatial consultancy, 1Spatial.

At a yield of circa 8% on a sale price of €600,000, and with rental income of €50,000 per annum, the investment might suit a private buyer looking for a pension stream.

Details: Cohalan Downing 021-4277717; Casey & Kingston 021-4271127


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