BUNRATTY WEST HOLIDAY VILLAGE BUNRATTY, CO. CLARE 27 RESIDENTIAL UNITS & VACANT DEVELOPMENT SITE FOR SALE BY PRIVATE TREATY TENANTS NOT AFFECTED BER C1 C2 Residential Investment Opportunity
INVESTMENT SUMMARY Investment : 27 Completed houses comprising of 25 x 3 Bed Units and 2 x 4 Bed Units. Site for Sale : Undeveloped site of approx. 0.43 acres (0.17 hectares). Rental Income : Approx. 320,000 per annum (Ex Vat) Excellent opportunity to acquire modern residential development in an established and sought after tourist location within the village of Bunratty, Co. Clare. Investment comprises of 27 completed houses (25 no. three bed units and 2 no. four bed units) in addition to an undeveloped site of approx. 0.43 acres (0.17 hectares) and a Caretakers office. The Bunratty West Holiday Village Complex comprises of 28 units in total set on a site area extending to approx. 3.46 acres (1.40 hectares). The units subject to sale comprise of unit numbers 2 23 & 25 29. Unit 1 comprises of the undeveloped site situated to the front of the complex. This site previously had a grant of planning permission for a commercial / tourism development incorporating a café / restaurant. Grant of planning has since expired (Ref 07/2837). We understand the gross rental income (ex Vat) before allowing for the deduction of management costs and outlays to be in the region of approx. 320,000 per annum. Potential to increase current rent roll through active asset management. Rents and capital values are forecast to continue to strengthen throughout 2017/2018. Offers sought in excess of 2.5m (excl. VAT). This reflects a Gross Initial Yield of approximately 12.80%. (excl. management charges and outlays) Available as a single lot only. Tenants not affected.
LOCATION Bunratty is situated in south County Clare approx. 15km northwest of Limerick City Centre, 13km east of Shannon International Airport and approx. 30km south of Ennis Town Centre the administrative centre of County Clare. Bunratty is exceptionally well located adjacent to the N18/M18 dual carriageway, the primary route connecting the regional cites of Limerick and Galway while a number of regional roads also converge at the village. The village is a major tourist destination based around Bunratty Castle and Folk Park which is regarded as one of the most complete and authentic medieval castles in Ireland. Bunratty enjoys a thriving tourism business and is considered a gourmet food destination. Nearly 350,000 persons visited Bunratty Castle and Folk Park, the focal point of Bunratty in 2016 making it the 10th most popular tourist attraction in Ireland. Bunratty West Holiday village occupies a prominent position, adjoining Bunratty Manor Hotel, on the main approach road entering Bunratty Village. Local occupiers nearby include Spar Express and TARA Service Station, Bunratty Manor Hotel, JP Clarkes Country Pub and Gallaghers Restaurant, The Courtyard Guest House, Bunratty Castle Gardens Holiday Homes, Dun Rí Residential Development, Bunratty Castle and Folk Park, Bunratty Castle Hotel, Durty Nelly s Bar and Restaurant and Blarney Wollen Mills.
M18 SHANNON ESTUARY BUNRATTY WEST HOLIDAY VILLAGE BUNRATTY, CO. CLARE M18 BUNRATTY CASTLE HOTEL MEADOWS & BYRNE THE CREAMERY BAR SHANNON RIVER BUNRATTY CASTLE & FOLK PARK
DESCRIPTION Bunratty West Holiday Village comprises of 28 well constructed and maintained residential units set on a site extending to approx. 3.46 acres (1.40 hectares). The scheme was built circa. 2006. 27 of the units are subject to sale in addition to an undeveloped vacant site situated to the front of the complex. The units subject to sale comprise those numbered 2 23 and 25 29. House No. 24 is excluded and does not form part of the sale. The units are all architecturally designed and comprise of (23 x 3) bedroom terraced houses, (2 x 4) bedroom terraced houses and (2 x 3) bedroom semi-detached houses. In addition to this there is also a detached administrative office on the site currently utilised for storage purposes. The units are all finished to Bord Fáilte 4 star standard. Internally each unit comprises open plan living/dining/kitchen area, toilets, and laundry room at ground floor level. Master en-suite bedroom, twin bedroom, single bedroom, and bathroom and hot press at first floor level. The bathroom has two access doors one off the landing and off the twin bedroom. Both of the four bedroom houses are disabled friendly at ground level. The undeveloped vacant site situated to the front of the complex extends to approx. 0.43 acres (0.17 hectares). The site previously had a grant of planning permission for a commercial / tourism development incorporating a café / restaurant. Grant of planning has since expired (Ref: 07/2837) SPECIFICATIONS Each unit has benefit of own door access with car parking provision to front Laundry room and toilet at ground floor level with private garden to rear Large open plan kitchen & living areas with contemporary fitted kitchens Living/Dining areas fully fitted to include feature gas fire places Primary fuel source for space heating and hot water is gas Each of the units are fully furnished with all contents included in the sale Landscaped spacious green areas with all estate roads maintained to highest standards Majority of units benefit from cut stone facades with all units having natural slate roofs and timber frame sliding sash windows Units vary in size from approx. 127 sq. m. to 130 sq. m. (1,367 sq. ft. 1,400 sq. ft.) Note: Units 19 & 20 are disabled friendly at ground floor level. This is accommodated through the provision of a single bedroom at ground level. In addition the bathroom facilities at ground floor level are fully fitted out for disabled use to include wet shower floor area.
RENTAL INCOME We are advised that the current rental income is approx. 320,000 (exclusive of VAT). The rental income can be broken down as follows; TENANCIES Tenants not affected Note 1: Unit No. 6 has been let to Bunratty Castle since 2013. The current rent is 800 per month (incl. VAT). The lease has expired. Income is not guaranteed going forward. Note 2: Note 3: Note 4: This figure is based on historic rents received. This rent should only be treated as a guide to future rental income. Income is not guaranteed going forward. Student accommodation is let from 1st September to 31st May to Rent an Irish Cottage (RIC). This agreement is not yet executed however the rent is agreed. This figure is based on historic rents received. This rent should only be treated as a guide to future rental income. Income is not guaranteed going forward. Management Costs & Charges Operator fees are paid at 12.5% of gross rental income (inclusive of VAT) There is a management company in place however no charges are currently collected The purchaser will be liable to local property tax (LPT) from the date they acquire the development The property is subject to commercial water rates. Historic water rates have been charged at circa. 20,000 per annum
BUNRATTY WEST HOLIDAY VILLAGE BUNRATTY, CO. CLARE NEGOTIATORS George Hanley Associate Director +353 (0)61 418 111 george.hanley@cushwake.ie The following additional information is available upon request from the agents; BER Certificates BER CERT BER C1 C2 C1 ~ C2 Rating Full Building Energy Rating certificates and Advisory Reports are available from Cushman & Wakefield. TITLE We understand that the property is held freehold. PROPOSAL Entire - Offers sought in excess of 2.5 million (excluding VAT) equating to a Gross Initial Yield of approx. 12.80% (excl. management charges & outlays) David Costelloe Director +353 (0)65 682 1299 david.costelloe@costelloe.com METHOD OF SALE For Sale by Private Treaty VAT Transfer of business relief VAT clause will be applicable to this sale. Perspective purchasers are advised to seek independent taxation advice. VIEWINGS Strictly by Appointment with joint agents Cushman & Wakefield & Costelloe Estate Agents Conditions to be noted: A full copy of our general brochure conditions can be viewed on our website at http://www.sherryfitz.ie/terms or can be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. PSRA Registration Number: 002183.