Private Treaty
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58 Apartments, Farnham Court, Cavan, Co. Cavan, H12V270

Private Treaty
Ireland
Apartment
Commercial

Sold

Sold for €5,400,000

Property Summary

  • Auction link - Click here to register
  • Modern, well maintained multi-family investment opportunity
  • 58 Apartments of a 2 block, 60 unit development.
  • Generating rental income of €458,400 p.a.
  • Gross Initial Yield of 10.2%
  • 98% occupied - one apartment kept vacant for sales process
  • Tenants not affected

Contact Us

Johnny O'Connor
Johnny O'Connor
Property Agent, here to help.
Stephen O'Reilly
Vendor's Solicitor

Contact Us

Johnny O'Connor
Johnny O'Connor
Property Agent, here to help.
Stephen O'Reilly
Vendor's Solicitor

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Property description

Farnham Court comprises of two modern, residential apartment blocks situated on a sloped site extending to approx. 2.43 acres.

The two blocks are constructed to a very high standard with a mixture of one and two bed apartments ranging in size from 495 sq ft to 882 sq ft. All apartments benefit from a balcony and a designated surface car parking space with some additional visitor car parking.

Block A and block B contain 30 apartments each. Two units within block B are owner occupied and do not form part of this sale.

The gated development rises gently from Farnham Road amidst mature wood land, with the external area superbly landscaped.

Both blocks are identical in layout and benefit from a bright naturally lit centre stair well and 8-person passenger lift. The blocks further have a central underfloor heating system, to which each tenant contributes an additional €70 in heating cost per month.

 

 

Income Summary

Total Rental Income €467,100 p.a                                                                     (Total rental income includes rent from the vacant viewing unit)

Expenditure

  • Service Charge                                         €91,046
  • Insurance                                                  €7,183
  • Local Property Tax                                   €4,841
  • Management & Letting Fee                   €35,145
  • Repairs & Maintenance (estimated)    €35,000

Total Expenditure                                         €173,215

(As percentage of rental income)                       37%

 

Net Operating Income                                  €293,885

 

Average Passing Rental Income

  • 1-Bed Apartment - €600
  • 2-Bed Apartment - €701.22

 

Estimated Market Rent

  • 1-Bed Apartment - €600
  • 2-Bed Apartment - €725

Location

Farnham Court is located in Cavan town, the county town of Co Cavan.

Cavan town is situated approximately 115 km north west of Dublin City along the N3 national road. The town has an urban population of 10,914 people (census 2016) and a catchment population within a 15 km radius of approx. 30,000 people.

Cavan town offers all amenities including schools, shops, restaurants, a hospital, golf course and many more.

The main employers in the town are Kingspan Group, a number of major insurers and Abbot Laboratories.

Farnham Court is situated within 1km north west of the town centre and approx. 600m south of Cavan General Hospital.

The surrounding areas are predominantly residential.

Tenancy

Unit No.BedsFloorSize (sq ft)Monthly RentAnnual RentLease Term in MonthsLease Commencement
1A2GF795€725€8,700601-Dec-19
2A1GF495€600€7,2001201-Apr-19
3A1GF495€600€7,200601-Jan-21
4A2GF795€725€8,700614-Feb-21
5A2GF795€725€8,7001201-Sep-19
6A1GF495€600€7,200610-Jul-20
7A1GF495€600€7,200611-Jul-20
8A2GF838€725€8,700602-Sep-20
9A21st795€725€8,7001208-Jun-18
10A11st495€600€7,2001212-Jul-18
11A11st495€600€7,200601-Sep-19
12A 21st838€725€8,700621-Jul-20
13A21st795€725€8,7001201-Mar-16
14A11st495€600€7,2001212-Aug-16
15A11st495€600€7,2001201-Jun-17
16A21st838€725€8,7001210-Mar-16
17A22nd795€725€8,7001201-Aug-19
18A12nd495€600€7,200606-Dec-19
19A12nd495€600€7,200609-Jul-20
20A22nd838€725€8,700601-Aug-20
21A22nd795€725€8,7001203-Jun-16
22A12nd495€600€7,2001201-Dec-19
23A12nd495€600€7,200601-Nov-20
24A22nd838€725€8,7001201-Aug-18
25A23rd731€725€8,7001201-Apr-15
26A23rd882€725€8,700621-Sep-20
27A23rd774€0€0--
28A23rd731€650€7,8001214-Feb-17
29A23rd882€725€8,7001201-Jul-19
30A23rd774€725€8,7001201-Jan-20
1B2GF795€725€8,700629-Oct-20
2B1GF495€600€7,200605-Jan-21
3B1GF495€600€7,200608-Jun-20
4B2GF795€725€8,700620-Aug-19
5B2GF795€722€8,6641201/07/209
6B 1GF495€600€7,200601-Jul-20
7B1GF495€600€7,2001209-Sep-20
8B2GF838€725€8,7001210-Jun-16
10B11st495€600€7,200622-Jun-20
11B11st495€600€7,200601-Oct-20
12B21st838€725€8,700605-May-21
13B21st795€725€8,700618-Jul-19
14B 11st495€600€7,2001205-Sep-16
15B11st495€600€7,200626-Jan-21
16B 21st838€725€8,7001227-Jul-18
17B22nd795€725€8,7001201-Sep-19
18B12nd495€600€7,200608-Jan-21
19B12nd495€600€7,200612-Jan-21
20B22nd838€725€8,7001215-Jan-19
21B22nd795€725€8,7001201-Sep-19
22B 12nd495€600€7,200606-Nov-20
23B12nd495€600€7,2001214-Mar-19
24B22nd838€725€8,700601-Jan-21
25B23rd731€678€8,1361201-Jul-16
26B23rd882€725€8,7001220-May-19
27B 23rd774€725€8,700621-Dec-20
28B23rd731€725€8,700601-Mar-20
30B23rd774€725€8,7001205-Oct-18
58  39,261€38,200€458,400  

Zoning

The development is located in an area zoned 'Existing Residential' as per the Cavan Town Development Plan 2014 to 2020. This plan is now expired, and an updated version not yet been made available.

Accommodation

The total no of apartments contained within this sale is 58 units across two blocks as outlined below:

Block A - Entire Block - 30 units - 20,469 sq ft total

  • 1-bed - 12 units - 5,940 sq ft total
  • 2-bed - 18 units - 14,529 sq ft total

Block B - 28 units (out of 30) - 18,792 sq ft total

  • 1-bed - 12 units - 5,940 sq ft total
  • 2-bed - 16 units - 12,852 sq ft total

The two blocks combined comprise a total of 58 apartments with 24 x 1-bed and 34 x 2-bed units extending to a total floor area of 39,261 sq ft.

VAT

Please refer to Legal Documents

BER Rating

B2 - C1

Energy Performance Indicator

24.91 kgCO2/m2/yr - 36.71 kgCo2/m2/yr


*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.