TWM brings to the market Inse Beag, Doughiska, Galway, a multi-property investment opportunity which is producing a gross rental income of €240,000 per annum.
Inse Beag comprises a modern development of 32 apartments in total, 30 of which are included in the subject investment sale. The apartments are laid out in three detached blocks on a site extending to approximately 0.47ha (1.17 acres ). Block 1 fronts on to the Doughiska Road and blocks 2 and 3 are located behind in a quiet cul de sac.
The subject investment includes five one-bed apartments and five spacious two-bed duplex apartments within each block. Ample communal car parking is provided directly outside the apartments on-site. Inse Beag is situated in the established suburb of Doughiska, east of Galway city and easily accessible to the M6 Galway/Dublin motorway, Briarhill Shopping Centre, Galway Clinic, and local business parks.
The 30 apartments are let on individual residential agreements with currently 93 per cent occupancy. The current gross rental income is currently in the order of €240,000 per annum. Management fees and expenses charged for the period January to December 2015, result in a net rental income of €183,757.39.
TWM is seeking in excess of €2.7 million which reflects an initial yield 8.51 per cent (based on gross income for 2016 and assuming standard purchaser costs of 4.46 per cent ). With negligible deposit rates and strong demand for residential rental accommodation Rosemary Casey and Sarah Winters of TWM are expecting good interest. They commented that this is an attractive lot size for investors who will be enticed by the asset management angles and immediate rental growth potential.
For more information contact TWM at 091 458 987 or www.twmproperty.ie, or email [email protected] or [email protected].
