Docklands shop for €1.5m

Agents BNP Paribas Real Estate are to avail of the strong property investment market to offload a key retail investment at Longboat Quay in Grand Canal Dock, Dublin 2.

The agency is guiding €1.5 million for a Spar convenience store which was originally rented at €188,300 and is now producing an income of €124,226. The 25-year lease was agreed in October 2006, and has over 17 years to run.

The agents say investors will be attracted by the secure income and the opportunity for rental growth at the end of the rent abatement and the rent review in 2016. The property is for sale by tender on March 5th.

The €1.5 million guide pride would show a net initial yield of 7.93 per cent after allowing for standard purchasing costs.

Peter Flanagan of BNP described Grand Canal Dock as the city’s “newest and most exciting district” which had attracted a host of the best national and international covenants in the past three years.