A former SuperValu shop, along with other shop units giving a total of 19 retail and office units, is now for sale — for an average of just €26,000 per unit.
The property mix, on an acre in the heart of West Cork town Bandon, extends to 16,000 sq ft of buildings and the majority at one time housed Caulfields SuperValu, from 1987.
Caulfields subsequently developed the 80,000 sq ft Riverview Shopping Centre on a larger site just to the west, behind the garda station and by the river (with a second anchor Heatons,) and a number of other new units were developed also by the family-owned firm in 2002-2004. A Lidl subsequently opened alongside on a separate site, an Aldi planning application is live for the Cork side of Bandon and a further West Cork Lidl is under construction in Clonakilty, where there’s also planning for an Aldi.
Caulfield’s previous centre, at the Old Market Shopping Centre, was subsequently redeveloped and broken up into smaller units, and it is this that’s now offered to the market by estate agent John Downing of Downing Commercial.
He quotes a guide of €500,000 for the retail space, and is selling for a receiver, with owners understood to have been a locally-based development consortium.
It’s in 19 units in all consisting of the ground floor of the former supermarket, sub-divided into a number of smaller units, together with an external two-storey terrace of five ground floor retail units and three first floor office units.
“The property has the benefit of a large car park, which not only contributes to the overall income but also makes parking and access much easier for customers of the shopping centre; it also gives the option of future expansion”.
A number of units are vacant at present, and rental income is €63,000.
“The property gives new owners the chance to have an excellent property which is currently income producing, and there is a significant opportunity to increase the rent-roll in the centre, for a hands-on operator,” Mr Downing states.
He anticipates good interest, adding “as can be seen from a number of recent transactions, income producing investments are in the sights of investors, representing good value for money as guide prices are now at realistic levels.”
Meanwhile, with a Cork city apartment investment just selling for €1m, investor interest is also likely in the sale by Downing Commercial of just two apartments at Douglas House, off Maryborough Hill in suburban Cork city.
Nos 40 and 41 are 630-650 sq ft penthouses each producing €11,400 pa, and guide price is €165,000 per unit.
“These units will rent all day long and are a sensible entry-level investment for investors who are risk-averse,” says Anthony Quinlan.
Details: Downing Commercial 021-4271000
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