Savills and Crotty Auctioneers have been appointed by receivers RSM Farrell Grant Sparks to offer a substantial residential and commercial investment opportunity for sale in Cavan Town. The property is being offered for sale by private treaty with an asking price of €3,950,000.

Situated at Hampton Court on the Cootehill Road in Cavan Town, the property includes a substantial development laid out in four blocks. Three of the four blocks are laid out to provide residential apartments, with the remaining block currently leased to Cavan Institute. The development was completed in 2007.

The commercial block was originally constructed as an apartment block; however this has since been converted to accommodate educational use and is currently occupied by Cavan Institute on a 35 year lease from January 2009 with no break options. The Institute are currently paying an annual rent of €205,000.

The remaining commercial element comprises of two retail units fronting the Cootehill Road. One of these units is let to Klass Cleaners on a long lease with the second unit being let to Cavan Institute on a short term lease agreement. The retail units are adjoining the Drumalee Neighbourhood Centre, which is anchored by Supervalu and Valu Pharmacy. 

The residential element comprises 59 apartments laid out in three blocks, some of which are leased and some of which require moderate expenditure in order to complete.

The property is currently producing a total gross rental income of approximately €380,000 per annum.  

Loman Dempsey of selling agents, Savills states that “the sale of Hampton Court provides investors with an excellent opportunity to acquire a modern high yielding investment opportunity with substantial long term rental income.” 

Dempsey also states points out “the opportunity to substantially increase the annual rent once the various residential units have been completed to a lettable standard”.

Further information, including a detailed tenancy schedule is available from the joint selling agents.