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091 564 212

PRIVATE RESIDENTIAL SALES

over 35 years of business experience

Tolan Street, Ballina, Co. Mayo
Sale Agreed G

4 Bed Terraced House 178 m² / 1916 ft² Sale Agreed

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Description

FOR SALE BY LIVE STREAM AUCTION, FRIDAY 16th APRIL 2021 AT 12 NOON.
Due to Covid-19 Restrictions we are unable to facilitate viewings until further notice.

Due To Covid Restrictions - Remote Bidding Only On The Day - You Must Pre-Register On Our Website To Bid - With Booking Deposit Paid By Wednesday 14th April 2021 - To Be Included.

O'Donnellan & Joyce are delighted to bring this premises to the auction market. Former licenced premises with full planning permission granted on 10th December 2020 (P20/518) for proposed development of 4 apartments consisting of 3 x 1 bed apartments (two of which are duplexes) and 1 x studio apartment. Approved for the Repair and Leasing Scheme with Mayo County Council. €190,000 has been approved to repair the buildings into 4 apartments and lease to Mayo County Council on a 20 year lease. The interest free loan has been approved for €190,000 but the scheme has been improved to €60,000 per apartment if required - €240,000.

A rental income has been approved as follows with Mayo County Council:
€488.75 euro per apartment per month x 4 apartments = €1,955 euro per month.
€1,955 x 12 months = €23,460 euro per year.
€23,460 x 20 year lease = €469,200 Euro total income over 20 year lease.

This amount is likely to increase because the rental income is reviewed every 3 years. The rent is guaranteed by Mayo County Council, who will maintain the apartments over the 20 year lease, except for the common areas. Once works commence, the contractor will issue an invoice for the different stages of works, this is issued to the council and then the money is released.

SOLICITOR WITH CARRIAGE OF SALE: Cathal Deacy, John J. Gordon & Son Solicitors, John Street, Ballina, Co. Mayo.

Due to Covid-19 Restrictions we are unable to facilitate viewings until further notice.
NOTE: These particulars are not to be considered a formal offer. They are for information only and give a general idea of the property. They are not to be taken as forming any part of a resulting contract, nor to be relied upon as statements or representations of fact. Whilst every care is taken in their preparation, neither O'Donnellan & Joyce Auctioneers nor the vendor accept any liability as to their accuracy. Intending purchasers must satisfy themselves by personal inspection or otherwise as to the correctness of these particulars. No person in the employment of O'Donnellan & Joyce Auctioneers has any authority to make or give any representation or warranty whatever in relation to this property.

Features

Mid terraced property
In the heart of Ballina within walking distance of all amenities.
No bar licence with this property.
Planning P20/518 granged 10-12-2020.
Less than 100m from River Moy
EIRCODE F26 XK06

Negotiator

Siobhra Hennessy

Directions

EIRCODE F26 XK06
GPS co-ordinates - 54.1129759,-9.1543906

BER Details

BER: G
BER No: 800472482
Performance Indicator: 1806.3


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