Receiver puts five pharmacy investments on market

The Irish Times - Wednesday, February 29, 2012

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.

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Receiver puts five pharmacy investments on market