Two mixed-use investments in Cavan town come to the market this week with a significant rent roll and the potential to increase the income return for potential investors.

The buildings, Hillside and Riverside at Connolly Court in the centre of town, are quoting a combined €3.8 million through joint agents CBRE and Quadrant Real Estate.

This would reflect a net initial yield of 10.96 per cent with the possibility to increase this subject to vacant space being let.

Hillside is a retail and office building with six ground floor retail units and a primary care facility in the three floors above.

On the ground floor Unit 3A is let to Specsavers on a 20-year lease from February 2010 at a rent of €30,000 per annum.

Unit 4 is let to Sam McCauley Pharmacy on a nine-year and six-month term from July 2013 at a rent of €80,000 a year. The four other retail units are vacant.

Overhead the 2,531sq m (27,243sq ft) of office space is let to a combination of the Farnham Medical Practice and the HSE: the former occupies 1,277sq m (13,746sq ft) under a 10-year lease from 2012 at €17,450 a year while the latter takes up 1,254sq m (13,500sq ft) on a nine-year and six-month lease from December 2011 at €199,375 per annum.

There is also a service level agreement in place with the HSE amounting to a further €68,750 a year.

This brings Hillside’s rent roll up to €395,575.

The second building in the sale, Riverside, is a four-storey property with two ground floor retail units and 12 two-bedroom apartments overhead in the three upper floors.

It extends to 872.61sq m (9,393sq ft) and one of the retail units is vacant while the other is occupied by Gamestop on a 25-year term from 2008 at a rent of €39,642 per annum.

According to the agents, some of the apartments are occupied and command an average rent of €400 per month.