Mixed-use scheme in Stamullen sells for 23% over guide price

Delvin retail and residential centre on Dublin-Meath border achieves €2.35m

The two-storey Delvin Centre  is producing a total rental income of €242,100

The two-storey Delvin Centre is producing a total rental income of €242,100

 

A shopping and residential development in Stamullen village on the Dublin-Meath border has been sold for 23 per cent more than the guide price. Agent TWM had been seeking in excess of €1.9 million for the Delvin Centre but ended up with an offer of €2.35 million, reflecting a net initial yield of 9.86 per cent.

The two-storey scheme was developed in 2006 and is producing a rental income of €242,100 from a Centra store, a pharmacy and a beautician as well as seven overhead apartments. The retail element is producing €156,300 of the overall rental income and has a weighted unexpired lease term remaining of 19 years.

Ben Haythornthwaite of TWM, who handled the sale, described the investment as “very much fit for purpose”. Stamullen’s population increased by 25 per cent between 2006 and 2011.