Investment to-go: €850k property sale with three tenants, including GoGo's cafe
The investment sale at Well Road, Douglas, Cork, currently with three tenancies, guiding at €850,000 is with agents Cushman & Wakefield.
AN investment sale of three income-earning properties which includes a letting to GoGo’s café on Cork city’s Well Road is up for sale but may also have development scope in the short to medium term.
Offered with an €850,000 price guide is a half-acre property mix by the roundabout by Woodview and the Well Road, a half a kilometre or so from the heart of Douglas village, the just-reopened Douglas Village Shopping Centre, and an impending new Aldi.
Comprising three structures, all on short leases and totalling 2,600 sq between them right now, it’s for sale with agents Siobhán Young and Peter O’Flynn of Cushman & Wakefield.
It currently brings in €66,700 pa in rent, combined, with about €36,000 of that from GoGo’s Café and Deli.
The highly popular café with some outdoor seating is on a three-year lease from May 2018.
The café was recently granted planning to change the use of two shops/commercial units by Eglantine Girls NS, at 47B and 47C Ardfallen Estate for a single café and deli.
Also in the mix are a three-bed bungalow alongside, let for c €18,700 pa, and a structure let to a beauty clinic Mediglow for €12,000 pa. There’s considerable car-parking to the rear, with side lane access.
The site may also have development scope, given the very short current leases. It’s very close to a recently built c 10,000 sq ft private residence on large grounds on Woodview, as well as the Greenbanks development of new builds on the Well Road, selling from €800,000 to €920,000.
Cushman & Wakefield's Siobhán Young says that the tenants are unaffected by the proposed investment sale and comments that "given the lack of investment stock available over the course of 2020 as a result of the pandemic, we expect good interest for an investment like this in a key location, particularly as it comprises an element of residential use.’
The location is 'blue-chip, predominantly residential, amid long-established estates and a number of high-end individual properties.
The Well Road is a busy conduit also to the new business and retail campuses at Mahon and City Gate, with work now started on site for a c 130 unit multi-occupancy residential development associated with First Step Homes, at the former Right Price Tiles site (now cleared) off the Skehard Road, with a range of other residential and in-fill schemes in the Skehard/Mahon/Blackrock area.
Details: Cushman & Wakefield
