Lot 1
Auction
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Secure Income Residential Investment Portfolio, Waterford, X91 WY9E

Auction
Ireland
Multi-Family
Commercial

Guide Price €2,500,000

Bidding deposit €50,000 *fully refundable if unsuccessful bidder

Extension period added...

Auction Date 01 December
Closing Time 14:30:00 (GMT)

Property Viewings

Viewings have not yet been scheduled for this property.

Property Summary

  • Multi-Unit Residential Investment Portfolio 
  • 13 residential units let on 25 year leases to Waterford City and County Council
  • €150,210 per annum total income
  • 6.0% Gross Yield (5.4% NIY based on NOI)
  • Lease commencements Nov/Dec 2021
  • HICP linked (Harmonised Indices of Consumer Price Index), three yearly rent reviews
  • Fully refurbished to an excellent standard prior to lease commencement
  • Tenants not affected
  • Click here for unit specific information

Contact Us

Johnny O'Connor
Johnny O'Connor
Property Agent, here to help.
Gillian Earley
Gillian Earley
Property Agent, here to help.
Jeanette Culleton
Vendor's Solicitor

Contact Us

Johnny O'Connor
Johnny O'Connor
Property Agent, here to help.
Gillian Earley
Gillian Earley
Property Agent, here to help.
Jeanette Culleton
Vendor's Solicitor

Downloads

Property description

This multi-unit residential property portfolio comprises of 13 residential units in Waterford. The assets include houses and apartments, split as follows:

  • 8 x Houses
  • 5 x Apartments

All units are let to Waterford City and County Council producing an annual gross rental income of €150,210 with an NOI of €140,455. Costs include Service Charge for apartments, Insurance and Local Property Tax as detailed in the table below.

The units are in excellent condition internally and externally and have been fully refurbished to a very high standard 2 to 3 months prior to lease commencement, total floor area extends to 10,419 sq. ft. across the portfolio.

This portfolio affords an opportunity to acquire a collection of residential assets with secure, government backed income for a term certain of over 24 years.

Location

11 Units are located in Waterford City and suburbs, with 2 units in Waterford County.

Waterford City is the county town located in the south east of Ireland with an urban population of over 55,000 people with a wider county population of approx. 128,000.

Waterford benefits from some large employers located in the area including industries like Biotech & Pharmaceuticals, Computer Hardware Development, Food Manufacturing, IT Support Systems and many more.

Waterford is located along the rail line, with Iarnrod Eireann operating 8 daily return services to Dublin (6 days per week) as well as Intercity service to Limerick Junction via Clonmel, with onward connections to Limerick, Galway, Cork and other towns. The city is also easily accessible via the national road network, located 170 km south west of Dublin City and 124km north east of Cork City. 

Tenancy

Please refer to legal documents

 

Additional Details

All units are occupied and let with the below general lease terms:

  • Tenant - Waterford City and County Council
  • Lease Term - 25 year leases from Nov/Dec 2021
  • Rent Review - Three year, HICP linked (Harmonised Indices of Consumer Price Index)
  • Tenant Break Option - No
  • Rent - €150,210 total Gross Rent p.a.
UnitProperty AddressProp TypeLease commencementTerm RemainingSize
(Sq Ft)
Annual RentNet income 
117 Town Court, Dungarvan, Co. WaterfordHse31-Dec-2124.2947€13,920€13,521
261 Cul Rua, Aglish, Co. WaterfordHse31-Dec-2124.21,141€13,920€13,521
39 O Gradys YardApt31-Dec-2124.2721€10,710€9,178
4Apartment 18 Neptune HouseApt31-Dec-2124.2667€11,730€10,831
5Apartment 11 Neptune HouseApt09-Dec-2124.1700€11,730€10,831
67 Holly Cresent, Templars HallHse16-Nov-2124.11,292€13,440€13,041
727 Francis StreetHse31-Dec-2124.2570€10,080€9,681
839 Morrisons RoadHse31-Dec-2124.2732€11,040€10,641
980 PoleberryHse31-Dec-2124.2667€10,320€9,921
10Apt 34, James Gate ApartmentsApt31-Dec-2124.2420€8,670€7,206
11Apt 35, James Gate ApartmentsApt31-Dec-2124.2624€9,690€7,922
12127 Griffith PlaceHse31-Dec-2124.2926€13,440€13,041
1357 Central Avenue, LisdugganHse31-Dec-2124.21,012€11,520€11,121
13Total    10,419€150,210€140,455

VAT

Please refer to Legal Documents

BER Rating

C1 - D1

*Terms & Conditions

No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All interested parties must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.

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