Restaurant (Tenant Unaffected) & 4 Apartments, High Street, Westport, Co. Mayo

LOCATION

Located on the west side of High Street in the town centre of Westport. This is a mature mixed use location. Adjoining or nearby occupiers include McGing 's Bar, Sage Restaurant, Bank of Ireland, a variety of cafes and a number of houses.

Westport is a thriving town located on the Wild Atlantic way. Renowned as a visitor/.tourist destination, Westport has grown significantly over the last 20 years to become a highly desirable location which to live, do business or visit. Well connected with road rail and within 50mins of Ireland West Airport. Key local employers include AbbVie, Portwest, Carraig Donn and the Westport Hotel Group.

FEATURES:
- High profile town centre location
- Substantial development of 430sq.m (4,629sq.ft)
- Comprises ground floor restaurant and 4 no. large 2 bed Apartments
- Ground floor is under lease at '31,200 per annum with vacant possession of upper floors
- Highly attractive investment with an ERV of c. '100,000 per annum
- Highly reversionary and of interest to investors only

DESCRIPTION - GROUND FLOOR TENANT UNAFFECTED

Comprises a substantial three storey end of terrace building constructed in c.1998. Arranged with a ground floor restaurant and on the first and second floor there are 4 no 2 bedroom Apartments. The apartments are accessed via a self-contained doorway off a side entrance.

Constructed of rendered concrete block with concrete floors, double glazed hard wood windows under a slate roof. Ground floor restaurant has a double fronted timber and glazed shop front. The Restaurant is fully fitted out and operational with a long and successful established trade. The property benefits from a side entrance into a rear yard providing access to the apartment and for deliveries, etc. The Apartme3nts could benefit from some refurbishment but are very large each with 2 bedrooms.

SERVICES

The property is connected to the following services

Sewerage - mains
Water - mains
Electricity - mains
Gas - Bulk gas for ground floor only
Heating - Electric storage heating

FLOOR AREAS

Floor Use Floor Area sq.m Total Floor
Ground Restaurant 94
First Apartment 1 84
First Apartment 2 84
Second Apartment 3 84
Second Apartment 4 84
Total Floor Area 430 sq.m (4,629sq.ft)

TITLE - Freehold title subject to a single tenancy on the ground floor. Vacant possession to all 4 Apartments being provided.

TENURE - The ground floor restaurant is held under a lease which will be renewed for 25 years commencing 1st January 2026 subject to a passing rent of '39,000 per annum exclusive. Vacant possession of the 4 no Apartments will be provided on completion.

ESTIMATED RENTAL VALUES
Floor Property Tenancy Rent / ERV
Ground Leased 39,000
First 1 Vacant 15,600 ( 1,300 PM)
First 2 Vacant 15,600
Second 3 Vacant 15,600
Second 4 Vacant 15,600
Total ERV 101,400

ACCOMMODATION FOR EACH APARTMENT COMPRISES:

ENTRANCE HALL: 1.1m x 2.97m
Plastered and painted walls, solid maple wood floor

HALLWAY: 6.52m x 1.1m
Plastered and painted walls, timber floor

KITCHEN/LIVING ROOM: 6.4m x 3.68m
Open plan. Plastered and painted walls, timber floor, pine kitchen units with tiled splashback, Formica worktop, stainless steel sink

HOTPRESS: 1.09m x 0.78m

BATHROOM: 1.88m x 3.25m
Tiled walls, tiled floor, shower, wc, whb, wall mounted mirror, overhead shaving light

BEDROOM (1): 2.76m x 4.43m
Plastered and painted walls, timber floor

ENSUITE SHOWER ROOM: 1.75m x 1.5m
Tiled walls, tiled floor, electric shower, wc, whb

BEDROOM (2): 1.97m x 4.75m
Small fitted wardrobe, polished timber floor, plastered and painted walls

BER - C1 - Restaurant
C3 - Apartments 1 & 2
C1 - Apartments 3 & 4

GUIDE PRICE '775,000

INVESTMENT - This property represents an exceptional mixed use investment opportunity. At the quoted price once fully let and allowing for standard costs of c. '25,000, would provide a net yield of about 12%.

DIRECTIONS

The property is on the right hand side of High Street, Westport - follow google maps directions for Eircode F28 CV02.