Three regional Irish commercial properties have been sold through agency TWM in recent months.
The most valuable of these was a portfolio of eight units in Longford’s N4 Axis Centre, which was bought by a consortium of private Irish investors for €6.4m or a net initial yield of 9.27 per cent.
At the time of sale, the current annual rent was €652,436 with a weighted average lease length (WAULT) of 5.35 years to expiration and 4.06 years to termination. The target price was 6.75 million euros.
The sale on behalf of receivers at PwC included seven retail units and one commercial unit with tenants including Maxi Zoo, Halfords, Homestore+More, Paul Byron Shoes, Halfords, Eurogiant, Maquire Hair & Beauty and St Christopher’s Services.
Also included was a vacant courtyard that was formerly a garden center and could offer the potential to add value to the investment.
TWM’s Russell Cleere said: “There has been good interest in investing from a mix of individual investors and funds.”
Another consortium of private Irish investors bought a petrol station in the village of Kilcolgan, County Galway for €1.65 million, giving a net initial yield of 9.58 per cent.
The Circle K station spans 30,000 square feet and has 14 additional commercial units occupied by a mix of local retailers and businesses.
A little over half of the total proceeds of €173,960 at the time of the sale came from Circle K, which offered investors secure income. It had led €1.95 million.
Following competition from 11 interested parties, a private Irish investor acquired a 7.2 hectare plot of land in Coosan, Athlone for €1.8 million, €600,000 above its target price.
A post office sold this vacant 26,900 square foot former distribution unit. The site has been designated as “business and employment” under the current urban development plan “to provide business, employment and related uses, including industrial and service uses such as Class 3 offices”. .
Its location offers easy access to major road networks such as the M4 and M6, which appealed to potential investors and users.
TWM has also promoted three of its team members, Sarah Winters has been promoted to Director and will continue to work for agencies and professional services. Russell Cleere and Stephen Aherne have been promoted to associate directors.
https://www.independent.ie/business/commercial-property/yields-attract-investors-to-acquire-regional-properties-42203519.html Yields attract investors to purchase regional real estate