HIGH YIELDING MIXED-USE INVESTMENT
Westpoint, Westport, Co. Mayo
A high quality mixed-use investment opportunity is being brought to the market jointly by Savills and Tuohy O’Toole on the instruction of Grant Thornton.
The Westpoint development is well located on Altamount Street the outskirts of Westport town immediately adjacent to the Westport train station. The property is being offered for sale a guide price of €8.5 million. Pricing at this level reflects a gross yield of approximately 10.56% and depending on how the guide price is analyzed, an average price per unit of €75,000 for the residential element which represents a significant bulk discount.
Westpoint was constructed in 2007 by Sisk who are well known for the quality of their commercial and residential developments. This is an exclusive development which incorporates 87 high quality apartments and 5 commercial units, all of which forms part of a larger development, which is Anchored by Tesco
The 87 apartments which form part of this sale are laid out to provide 12 one bedroom apartments, 61 two bedroom apartments and 14 three bedroom apartments. The residential accommodation is contained in three blocks, all with ample parking. The commercial element is contained in one Block and incorporates 4 ground floor retail units and first floor leisure unit extending to approximately 1,377 sq m (14,821 sq ft). The commercial occupiers include Boots and Wild West.
The property is producing an overall gross income of approximately €937,600 per annum. 86 of the 87 apartments are let while 2 of the 5 commercial units are occupied.
Paul Callanan of Savills commented that “due to the existing yield profile, the potential to further grow income through asset management initiatives and the bulk discount on offer (relative to break-up sales), we anticipate a strong level of interest in this property”.
Peter Tuohy of Tuohy O’Toole commented that “Westport town has incredible appeal, as a lifestyle location to reside full time and as a holiday destination. Within the town, Westpoint is the only scheme of it’s type and scale and is probably the largest in Mayo. The layout is really versatile and affords an investor the opportunity to maintain the entire or subdivide and arrange part disposals with ease in both the commercial and residential areas, if they so desire”
Please click on the link to see the brochure in more detail Westpoint Complex
For further information, please contact:
Dessie Kilkenny, Savills Dublin Tel: +353 (0) 1 618 1418
Peter Tuohy, Tuohy O’Toole, Westport Tel: +353 (0) 98 28000