AN investment that included land, and buildings and rental income has been sold in West Cork for c €1.4m.
Also due to close out very shortly is a protracted deal to an as-yet unidentified purchaser of the superbly-sited and partly-developed Clonakilty Waterfront site, which includes a site for an Aldi — across the road from a recently opened Lidl.
Meanwhile, a deal with a private Munster-based investor has just closed on the investment in the Fleming Construction-developed West Cork Technology Park via joint agents Lisney and Savills, which saw five buildings sold off via a receiver, with a current rent of €147,000 pa. Guide was €1.2m, or a net initial yield of 11.75% and after interest from five local and national bidders and a higher sale price closer to €1.4m, the net yield obtained by the purchaser is still above 10%, with significant potential to increase the return by further lets - as not all of the buildings are fully occupied.
The purchase also includes 13 acres of undeveloped land, part of the overall 29-acre well-established Technology Park with nine completed buildings. A number of other buildings at the park had been sold to investors/end users since development started nearly 15 years ago, and there’s up to 1,000 jobs based there, just on the Cork side of Clonakilty, about 45 minutes from Cork city.
Billed as an investment/development opportunity, the mix was offered to the market in June on instructions from receiver, George Maloney of Baker Tilly Ryan Glennon who has handled much of the disposal of Fleming Construction assets and sites. The park has a number of call-centre type services spanning IT, e-commerce, R&D etc thanks to high-speed fibre-optic telecommunications, with 48 lines and diversity routers for secure back-up.
The investment was offered by best bids in the summer, but only closed this week. Included in the sale was building C, a two-storey (vacant) office building of 12,675 sq ft, the ground floor of building D with over 10,000 sq ft, part-let to West Cork Development Partnership and part-vacant, part of the ground floor and the entire first floor of Building H comprising 13,573 sq ft which is part vacant and part let to PGI.
Also in the mix was building O, a single-storey light industrial unit of 3,160 sq ft let to Long Shot Golf, as well as a vacant office unit of 1,059 sq ft. Current rent is just in excess of €147,000, with scope to increase that by further lettings, suggested Lisney’s Edward Hanafin.
Meanwhile, also expected to close out very shortly with Lisney is the seven-acre Clonakilty town Waterfront mixed use development, on the former GAA grounds (acquired for c €9m) on the bypass road, with water-frontage to the inner bay.
It too had carried a guide of €1.2m when put to market in April, and has three completed, high-quality buildings in a profile plaza setting.
Finally, best bids have been secured on a commercial centre by Cork’s Kinsale Road roundabout, with a €420,000 pa rental stream.
The complex, with 80,000 sq ft of buildings on 4.5 acres, had a €3.5m guide via Lisney, and is likely to fetch over that sum.
* Details: Lisney 021-4275079.
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