Property Summary
- A mixed use investment opportunity in Arklow Town Centre
- 8 x 2- bed residential units & 4 x retail / commercial units
- Fully let development generating a combined rental income of €176,616 p.a.
- Blended NIY of 8%
- Reversionary potential with upcoming rent review on commercial units
- Two commercial leases have rent reviews in 3-year intervals
- 5 x surface car parking spaces
- Total floor area over three storeys extends to approx. 12,757 sq ft
- Excellent Town Centre location
Description
A superb mixed-use investment opportunity with a blended NIY of 8% Fenbyrne House comprises a three storey, mid-terrace, mixed use property located in the centre of Arklow town. The property contains 4 no. retail units on the ground floor, two of which front onto Lower Main Street and two front to the public town car park to the rear.
The eight residential units are laid out over first and second floor ranging in size from 824 sq ft to 1,171 sq ft. All units comprise 2 bedrooms with one ensuite and benefit from a balcony / terrace. Two of the residential units are duplex apartments. The total residential floor area extends to 8,062 sq ft and retail area to 4,695 sq ft. There is additional private open space and two bin stores within the property demise.
Fenbyrne house is located in the centre of Arklow town within close proximity to all amenities. Arklow is a busy town in Wexford on east coast of Ireland, approximatley 85 km sout of Dublin City, with an urban population of around 13,000 people. Arklow is easily accessed due to its convenient location along the M1 and further benefits from a train station along the Dublin-Rosslare railway line.
All residential units are let on individual private tenancies.
The commercial units are let on the following terms:
Unit 1 – 10 year lease to hair and beauty salon from 1st Nov. 2018 with three yearly rent reviews and a tenant break option at the end of year 5.
Unit 2 – 10 year lease to restaurant operator from 1st July 2019 with three yearly rent reviews and a mutual break option at the end of year 5.
Unit 3 & 4 – 10 year lease to Sunbeam House from 1st April 2017 with five yearly rent reviews.
Tenancy and Accommodation Schedule:
| Apt No |
Beds |
Size in Sq Ft |
Rent p/m |
Rent p. a. |
| No 1 |
2 |
1,065 |
€1,194 |
€14,328 |
| No 2 |
2 |
1,065 |
€1,242 |
€14,904 |
| No 3 |
2 |
980 |
€1,300 |
€15,600 |
| No 4 |
2 |
980 |
€1,200 |
€14,400 |
| No 5 |
2 |
830 |
€1,194 |
€14,328 |
| No 6 |
2 |
830 |
€1,179 |
€14,148 |
| No 7 |
2 |
1,190 |
€1,194 |
€14,328 |
| No 8 |
2 |
1,190 |
€1,300 |
€15,600 |
| 8 x Apt |
|
8,130 |
€9,803 |
€117,636 |
| Retail Unit No |
Use |
Size in Sq Ft |
Rent p/m |
Rent p. a. |
| Unit 1 |
Service Retail |
900 |
€965 |
€11,580 |
| Unit 2 |
F&B |
1,250 |
€1,300 |
€15,600 |
| Unit 3 & 4 |
Service Retail |
2,600 |
€2,650 |
€31,800 |
| 4 Retail Units |
|
4,750 |
€4,915 |
€58,980 |
| |
|
|
|
|
| Total |
|
12,880 |
€14,515 |
€176,616 |
