THE continuing demand for prime investment property on Letterkenny's Main Street was further reflected this week with confirmation yesterday (Thursday) that a shop has been sold for ¤2.35 million.
A Belfast businessman bought the freehold of 'Birthdays' card shop adjacent to the Quality Court Hotel following a public auction in Dublin.
"The new owner has bought the freehold with the benefit of the existing lease. At auction the property was withdrawn at ¤1.9 million but sold immediately afterwards for ¤2.35 million- more than ¤300,000 above the guide price," Mr Dermot Rainey of Sherry Fitzgerald Rainey Estate Agents said yesterday (Thursday).
The lease was owned by Kavali Ltd- the company associated with the ownership of the Quality Court Hotel.
"The price reflects the excellent yield of 3.72 per cent that is still available for prime investment property in the heart of Letterkenny," Mr Rainey added.
The premises is 2,139 sq ft. Meanwhile, Mr Rainey confirmed they were still handling the sale of the freehold for Lifestyle Sports with a guide price of ¤3.25 million.
"The property was offered at the same auction but still remains available. We are in active negotiations with a number of interested parties," he added.
