REA Grimes AbbeyRoad Portfolio

Investment Summary

  • An excellent opportunity to acquire mixed use portfolio providing 27 town centre apartments & 5 retail units
  • All residential units are currently occupied & producing current residential rent of approx. €255,300pa
  • Navan has just been designated as a town within the RPZ in March 2019 thus provides a Residential ERV of €265,512
  • Two of the 5 retail units are occupied producing €40,700pa with three vacant units offering scope to improve the commercial rent roll
  • Total current rent is €296,000pa with a combined residential and retail ERV of €351,432pa
  • Abbey Road is located just off the N51 in Navan town centre offering access to transport links
  • Located adjacent to Navan Town Shopping Centre and close to a host of local amenities, both retail and leisure
  • Car Parking will be provided by way of licence agreement, with one space allocated per unit, in the adjoining Navan Town Centre Green Car Park
  • Rents have risen nationally by 12.4% year in year to July 2018 (Daft.ie Q2 2018)
  • Daft.ie Q2 2018 report notes that in Meath, the average monthly rent of a 1 bed apartment is €895, an increase of 13.9% annual change 
  • Available rental stock continues to fall leading to upward pressure on rents
  • Asking Price €2,800,000 reflecting a running yield of 9.73% and reversionary yield of 11.55% after standard acquisition costs of 8.66%
  • © 2019 Abbey Road Portfolio all rights reserved.