DTZ Sherry FitzGerald is guiding €5.75 million for a large portfolio of residential and commercial properties predominately located on the western seaboard.
The so-called Western Portfolio includes 73 residential properties, six commercial units, four sites and 36.36 hectares located mainly in Galway and Clare but there are also properties in Dublin, Kerry, Limerick and Tipperary.
This collection of diverse assets is currently producing a rent roll of €517,584 which could rise to over €600,000 when all units are let, according to the agents.
John Buckley of DTZ says: "There is a significant opportunity to improve the performance of the portfolio through asset management by bringing passing rents in line with market rents and letting the vacant commercial and residential units."
Among the highlights in Galway are 12 two- and three-bed apartments at the contemporary development of Caislean Thorlaigh, Doughiska, on the edge of Galway city. There is also one three-bed townhouse and 12 apartments and duplexes at the Fearrann ri scheme at Doughiska.
Other properties in Galway include three one-bed apartments at 1-3 Slipper Street in Gort; a three-bed semi at 21 Cnoc na Coille, Ballybane; a three-bed mid-terrace house at 43 Orangrove, Oranmore; and three four-bed and one five-bed detached house at Rathwilladoon, Tubber.
The Co Claire properties include shops in Ennis at 35 Lower Market Street leased by a Subway franchisee at a passing rent of €27,000 per annum, one/two shops at 68 Parnell Street, a retail unit at 53 Parnell Street, and a shop at 75 O’Connell Street. There is also a selection of apartments, semis and detached houses on sizeable plots in places like Lahinch, Liscannor and Newmarket on Fergus.
Clare and Galway
In terms of sites and land, the portfolio includes two acres at Ballylennon in Gort, Co Galway, where permission has expired. There is also a derelict site at 6 Carmody Street, Ennis, Co Clare, and undeveloped lands where planning permission has expired at Fairlane, Corofin, Co Clare, and at Cloonmorris, Kilbecanty, Gort, Co Galway. The sale also includes 36.36 hectares of farmland in the Burren.
In Tipperary, the portfolio includes a two-bed and a four-bed detached house at Firmount, Carrigahorig – both of which are on circa 0.5 acres – while also in Tipperary is a two-bed apartment at 64d Carrig rua, Gortlandroe,Nenagh.
Numbers 2-4 Newmarket Street in Caherciveen, Co Kerry, includes three two-bed apartments while in Dublin 7 two two-bed apartments at Smithfield Market are also included. The Western Portfolio is for sale by private treaty as a single lot.
