Apartment block in Moate Retirement Village on market for €1.4m

Thirty-five apartments in the well-established Moate Retirement Village in Co Westmeath have come on the market on the instructions of receiver KPMG at a guide price of €1.4 million.

Mark Hennessy of DTZ Sherry FitzGerald is handling the sale of the units – 22 one-beds, 12 two-beds and one three-bed – in a modern self-contained block completed in 2006. The village opened a year earlier in the former grounds of the Carmelite Order.

Ten of the 35 apartments going for sale are currently let and producing a rental income of €47,160. The selling agent estimates that one-bedroom apartments in Moate should attract rents of €500 a month, while two-bedroom units should make about €600 a month, bringing the overall rent roll for the 35 units up to almost €200,000. A further 18 retirement units on site are separately owned.

Moate Retirement Village is within easy walking distance of local amenities including the medical centre, church, library, supermarket and post office. Moate is close to the M6, about 18km from Athlone and 22km from Tullamore.