Sligo investment for €3.7m

Castlewood House: department store rented to Heatons and apartments
Castlewood House: department store rented to Heatons and apartments

A mixed-use investment completed in Sligo town centre in 2010 is to be offered for sale through agent Bannon with an asking price of €3.7 million.

Castlewood House has frontage on to both Rockwood Parade, along the Garrivogue river, and Castle Street and comprises a large department store occupied by Heatons, together with four floors of self-contained offices and 16 apartments with car-parking. The property was developed by local businessman Kevin Quinn and family.

Heatons rent the 2,341sq m (25,198sq ft) department store fronting Castle Street on a 25-year lease from 2010. The current rent of €200,000 will be subject to a fixed uplift to €250,000 in 2015 with market reviews five yearly thereafter.

The office accommodation, currently vacant, has a separate access and lobby from Castle Street.

Apartments
The residential element includes 21 apartments, 16 of which are going for sale. Nine of these are one-beds while the remaining seven have two bedrooms. Fifteen of the 16 apartments are presently rented and producing around €120,000 per annum.

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The apartments are located in two blocks alongside a landscaped courtyard.

A basement car park with over 50 spaces is available for use by the residential and office tenants.

David Carroll of Bannon said if a buyer does not emerge for the entire portfolio they plan to sell the commercial element and the car park in one lot with the apartments being offered for sale separately.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times