FIVE RETAIL investments involving pharmacies in Cork, Tipperary and Kildare are going for sale this week on the instructions of receiver Paul McCann of Grant Thornton.
Patricia Ward of DTZ Sherry FitzGerald is handling the sale of the investments which offer long unexpired lease terms with upward-only rent reviews and the ability to increase rental income from ancillary accommodation in several locations.
DTZ is seeking in the region of €425,000 for a commercial building at Duke Street, Athy, Co Kildare, which is producing €32,500 from a pharmacy and €15,000 from three apartments. There are a further two apartments vacant and a small office.
A price of €425,000 is also being sought for a pharmacy investment at Togher shopping centre in Cork. The 141sq m (1,518sq ft) retail premises is let on a 27-year lease from 2004 at a rent of €60,000.
In Thurles, a figure of about €300,000 is being quoted for a pharmacy producing €35,000 a year under a 35-year lease from 2004. An apartment overhead needs “moderate” investment.
DTZ is looking for €255,000 for a pharmacy at North Square in Macroom, Co Cork, which is rented at €45,000 a year under a 31-year lease from 2008. And at Blarney Shopping Centre another chemist producing €32,000 a year is available for €230,000 under a 35-year lease from 2004.
