Maynooth shopping centre on acre site selling for €1.25m

With any number of private investors and small funds in search of good quality investment opportunities, two Dublin estate agents should have little difficulty finding a buyer for the high-yielding Greenfield Shopping Centre in Maynooth, Co Kildare, which is for sale by private treaty.

Christopher Belton of Lisney and Gerard Hyland of Hibernian Auctioneers are inviting offers of more than €1.25 million for the single-storey neighbourhood centre which stands on a one-acre site just 0.5km south of Maynooth railway station.

Tenants include Centra, St Patrick’s Pharmacy, Kin Kaho Thai Restaurant, Mulcahy Craft Butcher and St Vincent de Paul. Two owner-occupiers have already acquired part of the leasehold interests.

All nine retail units, which extend to more than 698sq m (7,520sq ft), are let on long leases, and produce a total rental income of €153,790. The income is considered secure, with a weighted average unexpired lease term of almost eight years.

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New owners will be set to benefit from an increased rent roll in the short term, with income due to increase to €167,790 in three years due to contracted stepped rental increases.

This will allow the current investment yield of 11.34 per cent to rise to 12.38 per cent in 2021.