DescriptionFOR SALE IN ITS ENTIRETY OR IN TWO LOTS
0.86 Ha/2.1 Acres, Zone A, Mullingar Business Park, Co. Westmeath, N91 AC81
Prominent Corner Investment and Development Opportunity in the heart of Mullingar
Tenants not Affected
-The property comprises a high-profile corner development site together with a fully let investment property, currently produc¬ing 56,000 p.a., all on 0.86 Ha. (2.1 acres).
-The property can be sold in its entirety or in two separate lots.
-Situated on Newbrook Road close to the train station and 10 mins walk to the town centre.
-Access to the M50 in approximately 40 mins and to Dublin City Centre in 1 hour.
-Zoned commercial and offering potential for a wide range of uses including the development of the brownfield site (subject to planning permission).
-Lot 1 is 0.46 Ha (1.1 Acres) and comprises a 12,428 sq ft 'L' shaped building with a yard and car park. The building is held under a lease dated 20th March 2020 between the vendor and the OSB Group Limited on a repairing and insuring basis for a term of 4 years from the 1st October 2019. The initial rent is 56,000 per annum, rising to 58,000 per annum for the period 1st October 2020 until 30th September 2022 and then rising to 60,000 per annum for the remainder of the term.
-The lease rent is exclusive of all other outgoings and is payable quarterly in advance. The use of the premises is for the purposes of kitchen and flooring storage, assembly and showrooms.
-Lot 2 is 0.4 Ha (1 Acre) is a landmark brownfield corner development site suited to a range of commercial, showroom, retail, drive through and office uses (subject to planning permission).
Mullingar is the 3rd largest town in the midlands region with a population of almost 21,000 (2016 census) and a projected population increase to 27,850 by 2031 (Ref: Draft Westmeath Co. Co. Development Plan 2021 - 2027). The town is very well situated beside the N4 main Dublin to Sligo road, only 79 km from Dublin while the N52 connects Mullingar to the Galway - Dublin M6 Motorway. The town is close to Athlone and Tullamore and is well served by mainline rail and bus services. Mullingar has a significant commercial sector with the town's main thoroughfares comprising Oliver Plunkett Street, Austin Friars Street, and Mount Street as well as several shopping centres and a retail park at Lakepoint. The town contains several industrial and business estates including Mullingar Business Park, Lough Sheever Corporate Park, Clonmore Industrial Estate and the IDA Marlinstown business park. Local employers include the Midland Regional Hospital, a large Lidl Regional Distribution Centre, PEM Automation, Trend Technologies, Taconic International and Mullingar Pewter.
The property offers an important development opportunity for investors, builders and owner occupiers to construct a wide range of possible buildings and configurations to suit the demand for commercial space in this location. The location offers accessibility, parking and commercial zoning all within walking distance of the town centre. The subject site is zoned commercial and has been identified by the Planning Authority in the Mullingar Local Area Plan 20142020 for redevelopment. There is a diverse range of uses in the business park with retail, warehousing, manufacturing, employment and light industry, and renders the site extremely valuable in terms of making the case for a variety of redevelopment intentions. Established adjacent retailers include Expert Electrical, Genesis & Mindy Browne Interiors, with other retailers such as Red Earth Lifestyle, DPL Group Hardware and Mullingar Furniture Wholesale. The brownfield site offers a wealth of opportunities in terms of redevelopment potential, particularly given the nature of the zoning and also the wide range of established uses in the business park. An architect's impression of 2 potential commercial layouts is shown below.
Comprises a 564 sq. m. (6,100 sq.ft.) steel portal frame industrial building with 3 roller shutters and a metal insulated roof with roof¬lights and with rendered block walls to a height of 3m. The building shares canteen and toilet facilities with Building 2 and this area has storage heaters.
Comprises a 493 sq.m. (5,306 sq.ft.) steel portal frame industrial building with a roller shutter door and glazed entrance doors. The building comprises workshop space and showroom/retail with a mezzanine above of 30 sq.m. The roof is metal insulated with rooflights and with rendered block walls to a height of 2.4m. There is a communal area of 95sq.m. (1,022sq.ft.) linking both buildings with two separate canteens and a shared ladies, gents and disabled toilet facilities. The external yard is comprised of concrete and tarmacadam with parking for approx. 40 vehicles. There is steel double entrance gates to the yard, mixed concrete post and wire and steel palisade on the fencing.
Building 1 E2 BER No. 800739419. EPI: 599.18 kWh/m²/yr 2.46.
Building 2 B2 BER No. 800158669. EPI: 705.1 kWh/m²/yr 0.8
Zoned Commercial under the Mullingar Local Area Plan 2014 to 2020 "to provide commercial development which does not need to be located in the Town Centre zone or the retail warehousing zone". This zoning provides for an expansion of existing commercial uses and for new uses such as offices, hotel, showrooms. The subject site offers a wealth of opportunities in terms of redevel¬opment potential, particularly given the nature of the zoning and also the wide range of established uses in the business park. Subject to the zoning matrix possible uses for the subject site include: Car sales/showroom, retail warehouse, crèche, cinema, doctor/dentist/health centre, educational uses, funeral home, garden centre, R&D, sports facility, manufacturing industry, hotel, light industry, offices, petrol station, restaurant/café, and shops -neighbourhood/local/major.
We understand that the property is held under freehold title.
For further information and an appointment to view contact either of the joint agents.
Ross Shorten and Thomas Byrne of Lisney, 01 638 2700.
Alan Bracken of Sherry Fitzgerald Davitt & Davitt, 044 934 000