Rush mixed-use investment for €6m offers buyer 8.75% yield

Joint agents DNG Commercial and Sherry FitzGerald Cumisky Kelly are guiding a price of €6 million for a mixed-use investment portfolio on Main Street in Rush, Co Dublin.

Number 46-52 Main Street comprises a neighbourhood centre incorporating a mix of retail, grocery, residential apartments and offices. The centre, which extends to 2,858sq m (30,764sq ft) along with a large 40-space surface-level car park, is almost fully occupied by a strong tenant line-up. The total rental income is €526,130 per annum, offering the prospective purchaser a gross initial yield of 8.75 per cent.

The centre’s current occupiers are: Cedarglade Ltd Supervalu Rush; Bright Beginners Creche; BoyleSports; Boylan Butchers.

SuperValu is one of Ireland’s foremost supermarket chains. Each SuperValu is either independently run through a franchise agreement or centrally run through Musgraves, with each owner using the SuperValu format and selling the chain’s own brand products. SuperValu’s lease in Rush is guaranteed by Musgraves.

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Bright Beginners Creche is a long-established childcare operator with over 18 years in business at No 46-52 Main Street. BoyleSports Bookmakers is one of Ireland’s largest bookies with over 250 shops across the country. Boylan Butchers is a specialist family butchers run by two Rush locals with an excellent reputation and a strong trading history.

The scheme also includes other commercial space which caters for a variety of small-scale business users from office occupiers to personal treatment rooms. Additionally, income also accrues from an independent ATM machine and a communications mast.

Located 21km from Dublin city centre, Rush is a busy commuter town with a strong horticultural tradition. Its proximity to Dublin airport (20 minutes), the M1 (10 minutes) and the M50 (22 minutes) and its bus and rail links to the city centre have contributed to its growth in popularity as a residential location in recent years. The town has a current population of 11,000.