Mixed-use investment in Meath guiding €1.9m

A retail and residential investment in the Co Meath village of Stamullen, located just off the M1 Dublin/Belfast Road, goes on the market today through agents TWM with a guide price of more than €1.9 million.

The three-storey modern Delvin Centre is producing a rental income of €216,540 from 1,765sq m (19,000sq ft) of retail use on the ground floor and seven three-bedroom duplex apartments located overhead.

The development is anchored by Centra which occupies five of the seven commercial units while the other two are rented by a pharmacy and a beautician.

The apartments, individually accessed from the rear of the development, are laid out over two floors and include an entrance hall, lounge, kitchen, dining area, three bedrooms and three bathrooms. Car parking is provided in an underground facility.

The retail units have a weighted average lease term remaining of over 19 years at a current rent of €156,300 per annum.

Six of the seven apartments are let at an overall rental income of €60,240. Letting terms have been agreed on the seventh apartment which will bring the residential income to €72,480.

TWM says it expects strong interest in the investment because of its high yielding investment return of 10.9 per cent.