Portfolio of Commercial property for sale on the Costa Blanca.
Comaskey Spanish property is selling on behalf of the owner an impressive portfolio of commercial property on the Costa Blanca.
- Investment opportunity in Spain with immediate return.
- Rental yield of 7.5%
- Six standalone retail and office commercial units.
- Will suit an investor looking for passive rental returns.
- Impressive list of tenants in various businesses.
- Mixture of offices and retail space on the Costa Blanca region of Spain.
- Fully managed by Comaskey Rentals.
- Contracts extending for a further 5 years. Tenants expressed a desire not to vacate.
- Will suit a cash buyer, however finance of up to 50% available.
- Non-European clients qualify for a Golden Visa.
Comaskey are delighted to present to the market a portfolio of 6 separate offices and retail units all located around the greater Cabo Roig/ La Zenia areas. We are uniquely position to comment on the state of the commercial property market, having sold and leased many, many commercials since 2002 as well as operating directly in businesses such as bars, ( The Comaskey family opened the famous Paddy’s Point bar back in 1999) restaurants, retail stores, legal and taxation office (we are related to Spanish Solutions legal and taxation firm), hairdressers, internet café, wine shop and of course we have 3,000 happy real estate clients too. (www.comaskey.com)
These particular office and retail units are all sold with sitting tenants and are debt and lien free. All properties are let and managed by our La Zenia office and are currently achieving a rental return of 103,200 Euro per annum.
The sales price is 1,350,000 Euro, thus representing a yield to the investor, slightly north of 7.5%.
The portfolio is not for sale anywhere else, exclusively through Comaskey in La Zenia.
It includes six excellently located offices all rented and with some of the top tenants you can hope for. Each of the properties offers flexibility in that they can be held and operated with a very fine cash flow or will represent value for the buyer looking to flip and sell them individually at a later date. They are not currently for sale individually.
Appreciation in the Spanish commercial is very high, certainly for the particular location these units are located in. The portfolio of properties are exceptionally positioned within their respective submarkets on the Costa Blanca, Spain. Like everywhere, there are good and bad areas to buy commercial property on the Costa Blanca- these units are located in “Area A”.
The best in class locations exhibit strong visitor numbers from Ireland, the UK and Northern Europe, an affluent clientele, foreign residents often with no financial dependants, strong employment drivers, a soaring property sector and are within close proximity to lifestyle amenities such as bars, shops, banks, Zenia Boulevard, airports and the beach.
These, like all well located commercial property around La Zenia, appreciated 7% p.a. over the last four years and this appreciation is set to continue for the foreseable future, due in no small part to recent activity in the region. There has been tremendous growth in the property sector in Spain, especially on the Costa Blanca fuelled by rapid economic growth and the outsized demand for housing in the region.
The Costa Blanca is a national leader in foreign population growth with its structural advantages such as low cost of entry into many sectors (service industry, bars/restaurants, property sales and management etc) wealthy retirees, world class tourist attractions and the high quality of life one would expect with such a great climate and low cost of living. These positive fundamentals we believe, will continue to propel the demand for comercial rental property and commercial property appreciation.
Due to the sensitive nature of this deal, we can only deal with serious clients and only then after they have shown an ability to purchase the units.
A qualified barrister will represent the sellers in the deal. (Molina Solicitors, Playa Flamenca).
Contact Ian directly here.