The Bakers Yard apartments are fully let with the exception of the units held for viewings. They are let on short term tenancy agreements, typically for a fixed 12 month period. Rental levels currently average €905 pm, €1,107pm & €1,285 pm for one, two & three bedroom apartments respectively.
However rental levels for of the most recently agreed units are approximately €950 pm, €1,175 pm & €1,350 pm for one, two & three bedroom apartments respectively. This equates to an estimated expected return of approximately €1.2 million per annum once all rental levels adjust in line with the current market levels.
The occupied commercial units within Bakers Yard (totalling 440.9 sq.m / 4,746 sq ft) are let on two separate leases producing a total of €40,000 per annum.
Units 2a & 3 are let to Beggs Pharmacy on a 25 x 5 year lease from 20/04/2012 at a rent of €21,400 per annum.
Units 4 & 2b are let to 3 doctors on a 25 x 5 year lease from 20/04/2012 at a rent of €18,600 per annum.
Once all units are fully let, an income of €59,000 per annum should be achieved from the commercial element.
Full information is available on the Data Site.
The development is managed by O'Dwyer Property Management. Full details are available in the Data Room.
BER range from C1-D1.