Description
DESCRIPTION
The subject property is a modern retail unit with an excellent ground floor configuration. The unit is presently fitted-out as a subway restaurant. The ground floor comprises a seating area, service counter and ancillary kitchen and food prep area with a store. Toilet Accommodation is also provided at ground floor level. The tenant has recently upgraded the fit-out in the premises.
LEASE
The property is leased under the terms of a 15 year lease which commenced in August 2016, the current rent payable under the terms of the lease is €28,800 per annum.
SERVICE CHARGE
The property is subject to a service charge which is payable by the tenant, the current charge is €1,289
RATEABLE VALUATION
Rates payable by the tenant in 2022 are approximately €3,675
Features
- Prime Ground Floor Retail Investment Property located at Chapel Street (Cruises Street), Limerick
- Prime Unit currently trading as Subway, with excellent levels of passing footfall adjoining Cruises Street and William Street, 2 of Limerick City's principal retail streets.
- The entire property is fully let under the terms of a 15 year lease from September 2016, subject to a current rent of €28,800 per annum, with 5 yearly rent reviews.
- Excellent Retail Investment with a lease not due to expire until September 2031.
- Property has the benefit for Restaurant Use and trades with a high street food brand.
Location
Limerick is the principal city of the Mid-West Region of Ireland, with a population of approximately 100,000. Cruises Street is Limerick City's prime retail street, which is underpinned by the high-quality retailers on the Street. 24 Chapel Street is located between the intersection of Cruises Street and William Street and is regarded as one of the best retail positions in the City Centre. The Unit is located close to high quality retailers including Golden Discs, River Island, New Look, Specsavers, Foot Locker and JD Sports.
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