An aerial view of the St Clare’s apartment complex.

Major Cavan development placed for sale

Well-known buildings in Cavan Town have been placed on the market.

The St Clare’s Court development in the town centre has a guide price of €4,650,000.

It includes 46 of the 48 apartments contained in the building, office space and a retail unit.

Insomnia café currently occupies the retail space on the ground floor on a 20-year lease. That garners €52,000 per annum in rent.

The office space above, measuring 3,702 sq ft, is currently vacant.

Agents BidX1 say the 46 apartments, which are spread across two separate blocks, have a current annual rental roll of over €423,000 per year. All apartments are currently occupied.

Also included is a multi-storey car park contained within the development.

Residents were notified of their buildings being placed on the market and of a change of management company.

Parts of the development were last sold in 2014.

Investment firm Davy bought 42 two-bed apartments in the development for €11,630 each with two additional three-bed apartments going for €14,631 - totalling €517,722.

Four retail units were also included, with an asking price at the time of €1.7m.