Commercial Property

Commercial building in heart of Malahide village for €1.95m

New owner of Maurice Mahon House can expect annual income of least €191,330

Maurice Mahon House, Malahide: agent TWM is seeking offers over €1.95 million

Tue Sep 12 2017 - 17:00

A high-profile commercial property investment in the heart of Malahide village in north Dublin is expected to attract considerable interest when it goes for sale from today.

Michele Jackson of agents TWM is inviting offers over €1.95 million for Maurice Mahon House, a two-storey commercial building laid out in five separate units extending to 484sq m (5,214sq ft).

Tenants on the ground floor include McGoverns Restaurant, Axa Insurance and Ellen B Boutique. The upper floor is laid out as solicitors offices and a leisure facility. The investment produces an annual income of €191,330, which can be increased by letting the vacant unit.

Even with the current line-up of tenants, the successful investor will have an attractive net initial yield of 9.39 per cent before a tenant is found for the vacant unit.

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TWM is handling the sale on behalf of receiver Ken Tyrrell of PwC.

Auction for D7 site zoned for residential

The newly launched online property auctions firm BidX1 has set a reserve range of €645,000 to €655,000 for a well-located residential site at Marlborough Road, off the North Circular Road in Dublin 7, which will be auctioned on September 27th.

The site of O.28 of a hectare (0.69 of an acre) is owned by CIE and zoned Z1 for “substantial residential neighbourhoods”. The property is expected to accommodate about 15 homes.

Former D10 bingo hall zoned for retail on sale

A three-storey detached building on Ballyfermot Road in Dublin 10, which was originally built as a cinema in 1953 and subsequently served as a concert venue, snooker hall, casino and “gala bingo hall” is to be offered for sale with planning approval for a retail store.

Turley Property Advisers is seeking €850,000 for the three-storey detached building, which was to have been replaced during the boom days in 2004 by no less than 97 apartments. The original building extends to 1,700sq m (18,300sq ft) and has retail units on either side of the entrance door, though these are not included in the sale.

The L-shaped building has 1,207sq m (13,000sq ft) on the ground floor and an overall site area of 0.87 acres, part of which is used as a 50-space car park.

Kildare sites zoned residential on sale

A 13-acre site with planning permission for 99 houses close to Main Street in Rathangan, Co Kildare, is expected to attract considerable interest when it goes for sale by tender on October 12th. Liam Hargaden of Jordan Auctioneers is guiding €2.3 million for the land at the Temple Mills estate, where 50 houses have been already completed.

Jordan Auctioneers is also quoting €200,000 for a 6-acre site near Carbury, Co Kildare, which is to be auctioned on October 19th. Some 3.7 acres of the land have already been zoned for residential use.

€500,000 for D7 site for four houses

CBRE is seeking in the region of €500,000 for an 0.3-acre site with planning permission for four large three-storey houses at Annamoe Road, North Circular Road, Dublin 7. The site is located to the rear of the new Lidl store behind Hanlon’s Corner.

Mark Forrest to head up new QRE division

QRE Real Estate Advisors is to expand its operations with a development land division that will be headed up by Mark Forrest, who held a similar role until recently at BNP Paribas Real Estate. He has more than 10 years of experience in the Irish market.

Newry Tesco bought by investor for £27m

A private investor has purchased the Tesco Extra foodstore in Newry, Co Down, for more than £27 million (€29.7 million). The investment will show a net initial yield of 6 per cent.

Savills Northern Ireland handled the sale for Aberdeen Standard Investments. The 8,712sq m (93,788sq ft) store is let to Tesco on a 25-year lease from 2013 at a rent of £1,588,167 per annum. It is located on the northern periphery of the town, close to a busy residential and commercial area.

Tesco is the largest retailer in the UK and one of the largest in the world with stores in 11 different markets. Tesco has around a 30 per cent market share of the UK grocery market with over 3,500 stores and 310,000 employees. It is the largest supermarket chain in Northern Ireland with over 50 stores and a 34.7 market share.