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COMMERCIAL INVESTMENT - Units 2,3,4,5 & 6, Churchview Square, Church St, Cavan


Listing Type: INVESTMENT

Features: Commercial Investment opportunity in Cavan town, Producing a rent of € 235,000, Strong tenant Covenant, FRI Lease, no tenant break options and upward only rent reviews, 27 Car Park Spaces

Photo Gallery and Property Description

Churchview Square is a modern office development built to a high quality specification, incorporating 21 own door office units arranged around a central landscaped courtyard area. The individual units range in size from 194 sq m to 310.8 sq m. The subject property comprises 5 adjoining units with the benefit of 27 basement car parking spaces.

Each unit is fitted out to a high specification to include plastered and painted walls, solid floors, perimeter trunking, suspended ceilings with integrated light fittings and a fully integrated heating and cooling air conditioning system.

The property is let to County Cavan Vocational Committee (VEC) on a 35 year institutional full repairing and insuring (FRI) lease from 29th November 2009. The passing rent is € 235,000 per annum with the benifit of upward only rent reviews and no tenant break options.

Co. Cavan VEC is classified as a medium size VEC serving a populaation of approximately € 64,000, providing second level education, further education, adult education, youth education, youth reach, youth services and prison education. Over the lifespan of the first Education Plan the VEC continued to grow, adapt and expand its range of education services to meet the ever changing needs. Currently Co. Cavan VEC has in excess of 3,250 full time students engaged in second level/post leaving certifcation education with circa 3,000 learners engaging in adult education annually.

Co. Cavan VEC is a statutory authority and manages a budget of circa € 25 million. It has a a staff of circa 600. While the provision of Further and Adult Education contiues to grow in importance for County Cavan VEC, second level remains its major educational provision.

Purchasers can avail of Captial Gains Tax (CGT) exemption for any captial gain attributable to the holding period, if the property is acquired before the end of 2014 and is held for a mimimum of seven years. We recommend all interested parties seek adivce from their tax advisors and satisfy themselves in relation to all taxation matters.

The subject property is located in an area zoned M2 – “To protect and enhance the special physical and social character of Cavan Town Centre while providing and/or improving town centre facilities” under the Cavan town and Environs Development Plan 2008 – 2014.

Guide Price – € 2500,000 which based on the rent received reflects a net initial yield of 8.99% assuming standard purchasers of 4.46%.

Joint Agent: DTZ Sherry Fitzgerald

Licence No. 001546

Units 2,3,4,5 & 6, Churchview Square, Church St, Cavan

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