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High yielding long term investment in Sligo town centre

Bannon, on the instructions of the local Quinn family, are bringing to the market a modern mixed-use investment opportunity situated in the heart of Sligo with an asking price of €3.7m.

Known as Castlewood House, the opportunity comprises a modern commercial and residential development which was completed in 2010 and finished to an exceptionally high standard.  The property was developed by local businessman Kevin Quinn and family.

The development has dual frontage onto both Rockwood Parade, along the Garrivogue River, and Castle Street.

The sale includes a large department store fronting Castle Street which is occupied by Heatons, together with three floors of self-contained office accommodation, 16 apartments and car parking.

Heatons occupy the 2,341 sq m department store on a 25 year lease from 2010 with over 22 years unexpired term certain.  The current rent of €200,000 per annum (set in 2010) will be subject to a fixed uplift in 2015 to €250,000 with market reviews five yearly thereafter.  The office accommodation is accessed via a separate access and lobby from Castle Street.

The residential element in its entirety includes 21 apartments, 16 of which are the subject to this sale (9 x 1 beds and 7 x 2 beds).  15 of these 16 apartments are currently occupied and producing a gross income in the region of €120,000 per annum.  Each apartment is fitted to a high standard with modern fixtures and fittings throughout.  The apartments, many of which have river views, are developed within two blocks and benefit from a landscaped courtyard area.  These apartments are amongst the highest quality outside of the capital.

A basement car park with over 50 spaces provides parking for the residential and office elements and also forms part of the sale.

David Carroll of Bannon, who will be handling the sale, comments ‘we expect there to be considerable interest in the opportunity given the secure long term nature of the Heaton’s income and the opportunity to acquire a portfolio of residential units with a proven high occupancy record in the heart of Sligo’.  The property will be sold in three lots with Lot One comprising the commercial element and car park, Lot Two the residential element and Lot 3 the entire.