'Substantial restaurant' and nine-bedroom guesthouse SOLD for just over €560,000

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Tipperary Tipperary Tipperary

6 Sarsfield Street, Clonmel

A "substantial restaurant and guesthouse investment" has been sold in Tipperary as part of BidX1's latest auction. 

The guide price was €625,000 but the property sold for 561,000 after a bidding war.

Property Summary
A substantial restaurant and guesthouse investment.
Comprising a restaurant, function room and nine-bedroom guest house.
Extending to approximately 427 sq. m (4,596 sq. ft), in total.
Let to an individual t/a Befani's.
Lease expiry 2026.
Town centre location.
Current rent reserved €72,800 per annum excl. of VAT.
Net initial yield 10.59%.

Location
Clonmel is the largest town in South Tipperary with a population of approximately 17,100 people (as of the 2016 Census).
The town is situated mid way between Waterford and Limerick, with Cork some 93km to the south.
The M8 motorway is situated approximately 17km to the west of the town, and provides access to both Dublin and Cork.
The property is situated on Sarsfield Street at it's junction with Bank Lane.
Surrounding occupiers include Elvery's, McDonalds and River Island.

Description
The property is arranged over basement, ground and three upper floors to provide a substantial restaurant and guest house building. Internally the property comprises a kitchen / storage and office at basement level, 100 seater restaurant at ground floor level together with a 9 bedroom guest house over first, second and third floors.

Total floor area extending to approximately 427 sq. m (4,596 sq. ft).

Tenancy
The entire property is at present let to an individual t/a Befani's for a term of 21 years from 2005 at a contractual rent of €72,800 per annum. The rent is exclusive of VAT and Rates.

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