Neighbourhood centres in Kinsealy and Swords for €6.75m

Portfolio produces rent of €721,000 and includes houses, apartments and various shops

 

Two income-producing neighbourhood centres in the fast-growing north Dublin suburbs of Swords and Kinsealy will be offered for sale on behalf of developer Gerry Gannon.

Ross Fogarty of agents Knight Frank is seeking offers of more than €6.75 million for Applewood Village in Swords and Drynam Square in Kinsealy, which produce a gross rental income of €721,000, equating to a yield of 9.8 per cent and a valuation of €104.39 per sq ft.

The entire portfolio includes 46 separate units with an overall floor area of 6,011 sq m (64,700sq ft). The mix includes 15 retail outlets; five cafes/restaurants/takeaways; two medical practices; 13 offices; a public house/off-licence; a creche; an ATM; seven apartments (a one-bedroom, a three-bed, and five two-beds); and two three/four bedroom houses.

Knight Frank estimates that the rent of about €720,000 will rise to around €900,000 when the various units are fully let.

Some 74 per cent of the overall space is rented, with approximately €583,000 coming from Applewood and €136,556 from Drynam

Applewood Village, a mixed-use residential and commercial development completed by Gannon Homes between 1999 and 2005, covers more than 36 acres on the northern fringe of Swords.

It includes 783 homes and 14,000sq m of commercial buildings with about 140 car parking spaces.

The broad mix of traders includes a supermarket, public house, restaurants, cafes, bookmaker, off-licence, beauticians and medical surgery. Swords is one of the few Dublin locations with scope for further housing.

Drynam Square was developed in 2005 in the growing village of Kinsealy, 3km from Swords and 5km from Malahide.

The rental properties include two retail units and a creche, seven apartments, a medical suite, and two adjoining three/four bedroom houses.

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