Connolly court is latest multimillion sale

Paul Neilan

The property movement in and around Cavan Town continues to gather pace with the multi-million sale of two further landmark commercial properties.
An apartment block and business park are just the latest in the flurry of sales that have already seen well over €10 million in transactions taken place as investors push through deals ahead of the January 1 deadline on Capital Gains Tax relief on profits from sales - a 33% saving.
The Celt understands that Connolly Court is the latest in the apartment-cum-retail property sector to have been snapped up in recent deals with a sale agreed for a figure, which could be in the region of €4M. Investment powerhouse Davy Group was behind a series of recent client purchases, which included Cavan Crystal Hotel, the Odeon cinema and Clare’s Court, Hampton Court and Farnham Court apartment blocks. A separate purchaser for Church View has yet to be identified and the Dublin-based investment giants are favourites to have been behind the capture of Connolly Court. The development was advertised as having a per annum income of €400,000 from commercial tenants like the HSE, Sam McCauley Chemists, Farnham Medical Practice, Gamestop and Specsavers - not to mention the income from the 12 residential apartments attached. At a rental yield advertised at 10% of the purchase price, that would place the transaction in the region of €4m for the 41,761 sq ft town centre building.
Long-term tenants the HSE and Sam McCauley make up about 70% of the scheme’s income. Separately, it is understood that Cavan Retail Park on the Dublin Road has also changed hands in recent months, bringing the total transaction figures for the last 12 months closer to €20m.
The Anglo-Celt has contacted Davy and the local selling agent Crotty for comment but calls had not been returned at the time of going to print.