Prime investment opportunity
High profile City Centre position on main retail thoroughfare
Fully let producing €20,800 pax
Tenants not affected
This property enjoys a prime position on this busy pedestrian route which forms part of Waterford's main retail thoroughfare and ample parking is available close-by. This area has enjoyed significant retail investment and growth in recent years with No. 51 Michael Street benefitting from its very close proximity to Dunnes Stores, River Island, and City Square shopping centre with its high-end retailers such as Debenhams, Peter Mark and Top Shop.
This property comprises a mid-terrace three storey commercial building extending to a total of c. 215.5 Sq. M. (2,320 Sq. Ft). and is laid out to provide retail on the ground floor, with storage and staff areas on the first and second floors.
We are advised that the property is freehold subject to the following tenancy: The entire is let to Masron Limited trading as Gino's Gelato under a 15 year lease from 1st July 2015 and is subject to a reserved rent of €20,800 00 per annum exclusive. There are break options in favour of the tenant at the end of years 6 and 10.
The purchaser will be liable for any VAT (if any) arising out of the transaction.
We are seeking offers in excess of €265,000 which represents a net initial yield of 7.67%.