Ábalta Special School, Parkmore East, Parkmore, Galway, Ballintemple, Co. Galway

LOCATION

The property is prominently located within the Parkmore East Business Park 7kms northeast of Galway City. This is an established, mature, high-quality industrial office complex with a number of high profile large corporate occupiers which includes Metronic, SAP Ireland, Celestica, Abbott and Fidelity Investments. This location is highly accessible via the N6, N67 and M6.

Galway is a vibrant city of c 90,000 population with a broad and diverse employment base. It benefits from two Universities, several Hospitals and a large number of domestic and international companies. It has excellent public transport, retail business and leisure amenities.

DESCRIPTION

Built in 2003/2004 on foot of Planning Permission from Galway City Council. The property comprises of a purpose-built single storey creche/school building which was occupied as a creche for a number of years. Extending to over 400 sq.m, the property is built of rendered concrete block with some timber cladding, double glazed uPVC windows under a flat roof. The property is arranged as a series of classrooms together with office facilities.

Externally there is a secure garden play area and there is on-site car parking. The total site area is 0.35 Hectares (0.86 Acres)

TITLE

The property has a 999 year lease with the IDA dating from 22/07/2005 subject to a nominal peppercorn annual. Title is held within Folio GY8807L. The property is currently occupied by Abalta Special School, who have been in occupation since July 2005. The current Lease is for a term of 5 years from 12th October 2023. The School are due to vacate and locate to a new purpose built school within the next few years.

PASSING RENT

The current passing rent is 59,194 per annum exclusive

SERVICES

We understand that the property is connected to all mains services including water, sewage, electricity and telecoms.

ASKING PRICE 595,000

INVESTMENT

Unique investment which provides a net initial yield of 9.0% assuming standard purchasers costs. The selling price works back to just 1,480 per sq.m which is significantly below like for like replacement. Ultimately on lease expiry, the property offers excellent reletting potential in this well-established business park. Please note that the ground lease to the IDA stipulates that the property is to be used a Crche/Childcare facility only.

FEATURES:

Purpose-built school/ childcare facility extending to over 400 sq m with a site area of 0.35 Hectares
Strategically located within the Parkmore Business Park
Located 7km east of Galway City with good connectivity
Current passing rent 59,194
Lease expiry 12th October 2028.

DIRECTIONS

Located within the Parkmore East Business Park - follow google maps directions for Eircode H91 V9K4.

VIEWINGS

Strictly by prior appointment

CONTACT

To discuss this investment or for full further information, please contact Gerard OToole of OToole & Co. on gerard@tot.ie or 098 28000