The average passing rent in Herberton is approximately €1,600 per month. Rental levels are sustainable and provide opportunity for uplift.
Herberton has an exceptionally strong occupational demand. Block C is fully let, with the exception of one ground floor apartment, currently occupied as a management office. The sale comprises 5 apartments in Block B which have been held vacant for the purpose of the sale.
The rental income (assuming full occupancy) is approx. €1.9 million per annum. This is considered reversionary based on current market levels and therefore represents a highly secure income that an incoming purchaser will be able to grow.
The units are let on standard 12 month tenancy agreements. A full tenancy schedule and sample tenancy agreements can be found within the property data site.