Office Suite, Theatre Court, Lower Mallow Street, LimerickFor Sale by Private Treaty(Tenants Not Affected)• Prime office investment opportunity at Lower Mallow Street in Limerick City Centre• Property comprises modern office accommodation extending to 260 sq m (2,798 sq ft)• The suite is let to the Office of Public Works producing €45,262 per annum• Property benefits from a lift, two parking spaces and extensive array of recreational amenities locally• For Sale by Private Treaty (Tenants Not Affected)
Contact – Ciara McCarthy / Hugh O’Neill
Limerick is the capital of the Shannon region and is located approximately 209km southwest of Dublin City, 100 km northeast of Cork City and 24 km southeast of Shannon International Airport.The subject property is situated on Lower Mallow Street, close to the intersection with Henry Street in Limerick City Centre. Henry Street is the prime office location within the city. There are numerous facilities provided in the surrounding area with restaurants, cafes and multi storey car parks also located within close proximity.Surrounding occupiers include Grant Thornton, Henry Street Garda Station, Ulster Bank along with various professional firms which include Solicitors, Accountants and Auctioneers.
DescriptionThe subject property forms part of Theatre Court, a modern office development on Lower Mallow Street in Limerick. The building consists of office accommodation over three floors with parking to the rear.
The subject property comprises a modern office suite on the second floor extending to approximately 260 sq m (2,798 sq ft). The current layout provides for cellular office accommodation with a modern specification including a mix of spot and recessed box lighting, perimeter trunking and double glazed windows throughout.
The current rent receivable is €45,262 per annum. The guide price for the investment opportunity reflects an attractive investment opportunity with a minimum 12 month secured income.
TenancyThe property is currently let to the Office of Public Works on a 20 year lease from 1st July 2004 at a current rental income of €45,262. The tenant has a rolling break option from July 2017 subject to 12 months written notice.
Guide PriceSeeking offers of €325,000 equating to a Net Initial Yield 13.33% assuming standard purchaser’s costs of 4.46%