A mixed-use investment in Mullingar with potential to increase the rent roll is on the market at €1.65 million through joint agents Cushman & Wakefield and Sherry FitzGerald Davitt & Davitt.
Fairgreen House, in the centre of the Co Westmeath town adjacent to Fairgreen Shopping Centre, extends to 1,736sq m (18,682sq ft), and includes a basement car park with 28 spaces. It is a modern building finished to a high-spec throughout.
There are three shop units on the ground floor. Two are occupied, by Polonez and Chinese Supermarket, with one vacant unit of 115sq m (1,238sq ft).
The upper floors, which have separate access and are in office use, are occupied by Fáilte Ireland, National Learning Network and Rehab Ireland. Some 201sq m (2,164sq ft) of the office element is vacant.
Fairgreen House is currently generating a rent roll of €149,300 per annum. At the quoted price above this would represent a net initial yield of 8.66 per cent after standard purchaser’s costs of 4.46 per cent.
