2 August 2013 No Comments by The Northern Standard

SAVILLS Ireland have reported they sold a commercial premises in Monaghan Town at auction in Dublin last Thursday for €361,000, which represented a yield of 7.63% — or a multiple of thirteen times the passing rent.

The property concerned was the landlord’s interest in the Monaghan NCT Centre at Gortakeegan, off the Clones Road out of Monaghan town, which was offered for sale on behalf of Joint Receivers Neil Bannon and Paul Doyle of Bannons.

The final selling price was €361,000, which was €141,000 in excess of the €220,000 guide.

The property is let on a 30-year lease, with ten year break provisions, at an annual rent of €27,500 to Applus, which runs the National Vehicle Testing Centres throughout the country.

Loman Dempsey, Senior Surveyor with responsibility for Regional Land and Property Sales at Savills said the property was initially offered for sale by Private Treaty with a guide price of €220,000 to reflect the fact that there is a break clause every 10 years in the 30-year FRI lease.

Mr Dempsey said interest in the property was immense, however, and that it was therefore decided, in the interest of fairness to all enquiring parties, that the sale would be conducted by auction.

A large attendance at the Dublin auction witnessed 40 bids being placed on the property, which has an annual rent just in excess of €27,500.

The bidding …

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