The Opportunity
Excellent opportunity to acquire a neat commercial investment which is let to one of Ireland’s best known and longest established jewellery brands. Claddagh Jewellers, trading since 1967 are an Irish-owned family business. Uniquely they both design and manufacture jewellery in their own workshop in Galway, where they also have a store on Mainguard Street. The sale will be will be particularly attractive to a private investor seeking a superbly located building on Irelands premier shopping street.
Title: We are advised that the property is Freehold and is subject to the following tenancy.
The premises is let to Claddagh Jewellers Limited under a 10 year full repairing and insuring lease from the 14th July 2023 incorporating rent reviews at five intervals to open market. The reserved rent is € 150,000 per annum exclusive. The tenant has an option to break from the terms and conditions of the lease at the end of year 5 subject to giving the landlord six months prior notice and the payment of a penalty in the sum of €75,000.
Rates: The tenant is responsible for the payment of the local authority rates which are € 26,590.20
VAT: There will be Vat on the purchase price.
BER: G
Price: We are seeking offers in the region of €2,500,000 which would equate to a net initial yield of 5.46% after deducting the usual purchasers costs.