Balbriggan apartment and retail blocks offer strong return

Knight Frank is seeking in excess of €1.6 million for a mixed retail and apartment development in Balbriggan, Co Dublin, which is providing a stronger than usual return.

The investment comprises two modern three-storey blocks, Brecan House and Brecan Place, which share a 17-space car park. There are 10 two-bedroom apartments in all as well as four retail units and two office suites. The retail rents amount to €93,200 while nine of the 10 apartments rented (one remains vacant to facilitate viewings) bring in a further €84,960.

The two office units are vacant and under a recent planning decision can be converted into two one- bedroom apartments.

Knight Frank say that on the basis of the current rents the retail element will show a return of 14 per cent while the apartments will provide a return of 9.62 per cent.