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Residential investment opportunity of 3 x houses let on 25 year leases to Waterford Council, Co. Waterford, .

Auction
Ireland
Multi-Family
Residential

Guide Price €465,000

Addendum

Please be advised Document No. 2 of the Documents Schedule concerning 39 Morrisons Road has been excluded from the Contract for Sale.

Property Summary

  • Secure Income Residential investment opportunity.
  • 27 Francis Street, Waterford, Co. Waterford, X91 WY9E
  • 39 Morrisons Road, Waterford, Co. Waterford, X91 EYN8
  • 80 Poleberry, Waterford, Co. Waterford, X91 DPX3
  • 3 x residential units let on 25 year leases to Waterford City and County Council
  • €31,440  per annum total income
  • 6.76% Gross Yield (NIY 6.35% 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
  • View Properties by following this link: http://bidx1.com/en/catalogue/5451

Contact Us

Jamie Fallon
Jamie Fallon
Property Agent, here to help.
Richard Hoey
Richard Hoey
Property Agent, here to help.
Jeanette Culleton
Vendor's Solicitor

Contact Us

Jamie Fallon
Jamie Fallon
Property Agent, here to help.
Richard Hoey
Richard Hoey
Property Agent, here to help.
Jeanette Culleton
Vendor's Solicitor

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Property description

This multi-unit residential property portfolio comprises 3 x residential houses in Waterford City. Each house is let to Waterford City and County Council producing an annual combined gross income of €31,440 with an NOI of €30,243. Costs include 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.

This portfolio affords an opportunity to acquire 3 x residential assets with secure, government backed income for a term certain of over 23 years.

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. 

 

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 - €31,440 total Gross Rent p.a.
  • Net Operating Income-  €30,423
Property AddressProp TypeLease commencementTerm RemainingSize
(Sq Ft)
Annual RentNet income 
27 Francis StreetHse31-Dec-2123.7570€10,080€9,681
39 Morrisons RoadHse31-Dec-2123.7732€11,040€10,641
80 PoleberryHse31-Dec-2123.7667€10,320€9,921
Total     €31,440€30,243

All intending purchasers are advised to satisfy themselves as to the accuracy of the measurements provided.

 

VAT

Please refer to Legal Documents


*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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