Units 1,2&3 Stephens Place, Spencer Street, Castlebar, Co. Mayo

Property Highlights

Regional mix-use investment
100% occupied
Contracted rent of €99,800 rising to €116,600 in 2024
Total floor area approx. 5,651 sq.ft
Unit 1 let to Dominos Pizza
Units 2 & 3 let to The Rehab Group t/a Rehabcare on a new CPI linked 15-year lease
WAULT c. 13.25 years to expiry
WAULT c. 8.5 years to earliest break
Guide Price of €1,200,000
7.56% NIY

Property Location

Castlebar is the commercial and administrative town of County Mayo with a population of 12,068 as of the 2016 census. The town is well served by public transport infrastructure including major roads (N5, N60, N84) and main line rail services connecting to Galway and Dublin. Ireland West Airport Knock is located approx. 38km east of Castlebar via the N5. Castlebar is a major retail hub with occupiers locating in the town including Argus,Tesco, Dunnes Stores, Lidl, TK Maxx, Next, Boots, SuperValu and Penneys amongst others. The subject property is located on the southern side of Spencer Street adjacent to the Connaught Inn, in close proximity to the courthouse, county library and county council offices.

Property Description

The subject property comprises three units arranged over ground floor only. Unit 1 is occupied by Dominos Pizza and comprises an extensively glazed retail unit with collection area to the front with kitchen and storage to the rear. The unit extends to approximately 1,130 sq.ft. Units 2 & 3 are occupied by Rehabcare and extend to approximately 4,521 sq.ft. The unit has just undergone a brand-new fit-out and is utilised as a ‘best in class’ day centre for Mayo and the West of Ireland. Planning permission was recently granted to allow for a change of use from retail to the current use (Ref P21/846). A large public car park is provided to the rear providing ample parking and access.

Lease Terms

Unit	Tenant	Lease Start	Term	Rent p.a	Area sq.ft	Area sq.m	Note
Unit 1	DP Realty Limited t/a Dominos	23/09/2008	20 Years 1 Month	€18,200	1,130	104.98	Rent abated to €18,200 until Feb '24. €35,000 thereafter. Break Option Feb 24
Unit 2-3	The Rehab Group t/a Rehabcare	01/04/2022	15 Years	€81,600	4,521	420.01	Break Option in year 10 CPI Linked Rent in Year 6. OM RR every 5 years thereafter. Tenant HSE Funded
				€99,800

Property Size/Area

5,651 sq.ft

Property Status

Sold