Clongriffin mixed-use investment for €1.7m offers buyer 10.1% yield

Joint agents Knight Frank and Colliers are guiding a price of €1.715 million for a mixed-use investment on Main Street and Park Avenue in Clongriffin, Dublin 13 comprising eight commercial units and five rental apartments.

The sale of the portfolio offers the prospective purchaser the opportunity to secure a gross yield of about 10.1 per cent with further income potential according to the selling agents.

The commercial element of the investment is currently generating €82,135 per annum in rental income with five of the eight units occupied. The tenants in situ include a Centra convenience store, a restaurant, barbers and beauty salon.

The commercial units serve a large existing community which continues to grow in tandem with the ongoing delivery of new homes in both the immediate and surrounding area.

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The residential units consist of five three-bedroom apartments, four of which are within the blocks on Park Avenue and one of which is located in a block on Main Street. The apartments extend to an average area of 97 sq m (1,040 sq ft) and are currently generating a gross rental income of €100,984 per annum.

Clongriffin has the benefit of excellent public transport links to both Dublin city centre and to the surrounding area via the Clongriffin Dart and train station and a number of Dublin Bus routes.

Knight Frank and Colliers say: “This mixed-use investment is nicely diversified and highly reversionary. It offers an incoming owner great asset-management opportunities and the opportunity to increase the current income through the leasing of the remaining commercial units.”