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Investment Property at Grove Island, Limerick City, Limerick

€1,000,000 Energy Rating V94 N27K 10000 Sq.ft
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Investment Property at Grove Island, Limerick City, Limerick

€1,000,000

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Beds
Price €1,000,000
Property Type Investment Property
Size meters2
Energy Rating BER-B2
Refreshed on
Eircode V94 N27K

Description

Murphy Gubbins Auctioneers are delighted to bring this exceptional investment opportunity to the market. Located at Grove Island, just outside Limerick City Centre, this commercial premises, with a contracted rent of €80,000 per annum, is set over two floors and comprises a total of c. 929m2 (464.5m2 per floor). Originally a purpose built creche the unit is fully fitted and occupied by the Brothers of Charity who have a 15 year IRI lease from 1st September 2021. The lease has 5 yearly CPI rent reviews and there are no break clauses. The current contracted rent is €80,000 per annum with a rent review in 2026 and every fifth year thereafter. The lessee uses the premises as a day care centre. There is a management company in place who are responsible for the exterior of the building and building insurance. This is included in the service charges which the Brothers of Charity pay as part of their lease agreement. Accommodation comprises a number of offices, meeting rooms, day rooms, kitchen and WCs over two floors. There are 2 large outdoor areas on the ground floor, balcony at first floor, drop off parking at the roundabout with parking spaces just outside the building. There are 11 further parking spaces included. There is a lift servicing both floors making the building fully wheelchair accessible. It has gas fired central heating and there is a CCTV system in place. Location: The property is located at Grove Island, just a few minutes walk from Limerick City Centre, the development fronts onto the ring route linking Corbally to the Dublin Road and forms part of the Grove Island development which includes Grove Island Leisure Centre, Supervalu, Fishermans Quay and Lock Mills. Limerick City is the third largest city in Ireland. According to the Census in 2022 the population of Limerick is 205,244, approximately 100,000 people live in the city and suburban areas. Over 40% of US FDI companies are located within Shannon Airport’s catchment, reflecting its importance as a key enabler of business in and for the region. Limerick's pro-business status is reflected by the location in the region of 120 plus of the world’s leading ICT, Life Sciences and financial services companies. Limerick success is also built on a pipeline of talent from its three third level institutions -including two universities.

BER Details

BER: B2 BER No.800556888 Energy Performance Indicator:281.56 kWh/m²/yr

Viewing Details

Strictly by appointment only with Murphy Gubbins Auctioneers

Note

These particulars are issued by name of OMG Commercial Limited TA Murphy Gubbins Auctioneers on the understanding that all the negotiations are conducted through them. These particulars do not constitute, nor constitute any part of, an offer or contract. All statements, descriptions, dimensions, references to condition, permissions or licenses of use or occupation, access and other details are for guidance only and are made without responsibility on the part of name of Murphy Gubbins or the vendor. None of the statements contained in these particulars, as to the property are to be relied upon as statements or representations of fact and any intending purchaser should satisfy themselves (at their own expense) as to the correctness of the information given. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser shall be liable for any VAT arising on the transaction. The vendor do not make or give, and neither name of Murphy Gubbins any of their employees has any authority to make or give any representation or warranty whatsoever in respect of this property.

Description

Murphy Gubbins Auctioneers are delighted to bring this exceptional investment opportunity to the market. Located at Grove Island, just outside Limerick City Centre, this commercial premises, with a contracted rent of €80,000 per annum, is set over two floors and comprises a total of c. 929m2 (464.5m2 per floor). Originally a purpose built creche the unit is fully fitted and occupied by the Brothers of Charity who have a 15 year IRI lease from 1st September 2021. The lease has 5 yearly CPI rent reviews and there are no break clauses. The current contracted rent is €80,000 per annum with a rent review in 2026 and every fifth year thereafter. The lessee uses the premises as a day care centre. There is a management company in place who are responsible for the exterior of the building and building insurance. This is included in the service charges which the Brothers of Charity pay as part of their lease agreement. Accommodation comprises a number of offices, meeting rooms, day rooms, kitchen and WCs over two floors. There are 2 large outdoor areas on the ground floor, balcony at first floor, drop off parking at the roundabout with parking spaces just outside the building. There are 11 further parking spaces included. There is a lift servicing both floors making the building fully wheelchair accessible. It has gas fired central heating and there is a CCTV system in place. Location: The property is located at Grove Island, just a few minutes walk from Limerick City Centre, the development fronts onto the ring route linking Corbally to the Dublin Road and forms part of the Grove Island development which includes Grove Island Leisure Centre, Supervalu, Fishermans Quay and Lock Mills. Limerick City is the third largest city in Ireland. According to the Census in 2022 the population of Limerick is 205,244, approximately 100,000 people live in the city and suburban areas. Over 40% of US FDI companies are located within Shannon Airport’s catchment, reflecting its importance as a key enabler of business in and for the region. Limerick's pro-business status is reflected by the location in the region of 120 plus of the world’s leading ICT, Life Sciences and financial services companies. Limerick success is also built on a pipeline of talent from its three third level institutions -including two universities.

BER Details

BER: B2 BER No.800556888 Energy Performance Indicator:281.56 kWh/m²/yr

Viewing Details

Strictly by appointment only with Murphy Gubbins Auctioneers

Note

These particulars are issued by name of OMG Commercial Limited TA Murphy Gubbins Auctioneers on the understanding that all the negotiations are conducted through them. These particulars do not constitute, nor constitute any part of, an offer or contract. All statements, descriptions, dimensions, references to condition, permissions or licenses of use or occupation, access and other details are for guidance only and are made without responsibility on the part of name of Murphy Gubbins or the vendor. None of the statements contained in these particulars, as to the property are to be relied upon as statements or representations of fact and any intending purchaser should satisfy themselves (at their own expense) as to the correctness of the information given. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser shall be liable for any VAT arising on the transaction. The vendor do not make or give, and neither name of Murphy Gubbins any of their employees has any authority to make or give any representation or warranty whatsoever in respect of this property.
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Murphy Gubbins Chartered Surveyors
Murphy Gubbins Chartered Surveyors
Tel: 061 5...
PSRA Licence No. 002837

Date created: Jul 11, 2023

Murphy Gubbins Chartered Surveyors
Murphy Gubbins Chartered Surveyors
PSRA Licence No. 002837
Call Agent: 061 5...