D1 convenience store shareholding available for €875,000-plus
Also: €850,000 for part-occupied Tipperary complex and €950,000 for D4 investment
TWM expects strong interest in a share of a convenience store let to Musgrave Ltd and trading as Centra at North King Street in Dublin 1.
Agent TWM expects considerable interest in a high-yielding retail investment in Dublin’s north inner city – a share of a convenience store let to Musgrave Ltd and trading as Centra at North King Street in Dublin 1.
The investment will be based on a 45 per cent ownership of the floor area, giving the new purchaser €77,500 of the full annual rental income of €155,000.
The sale of the 45 per cent shareholding relates to 312.4sq m (3,363sq ft) out of the total floor area of 691sq m (7,438sq ft).
The business is trading strongly, in part due to its close proximity to DIT Bolton Street. Musgrave Ltd is secured on a 25-year full repairing and insuring lease from 2004 with upwards-only rent reviews.
TWM is seeking offers in excess of €800,000 (€2,561sq m/€238sq ft) to provide a net initial yield of 8.93 per cent, allowing for standard purchaser’s costs of 8.46 per cent.
Patricia Ward of TWM said the investment is likely to attract a good level of seasoned property investors who would be comfortable with the shared ownership.
Retail and office complex in Nenagh
Lisney’s Cork office is seeking €850,000 for Friars Court, a partially occupied three-storey retail and office complex in Nenagh, Co Tipperary, which is to be sold on the instructions of a receiver. The yield of 8.4 per cent could increase to about 13 per cent with full occupancy.
The ground floor is laid out as seven own-door retail units ranging from 36-94sq m (390- 1,010sq ft). There are four small offices on the ground floor. Stairs and a lift service the first and second floors, which extend to 434sq m (4,680sq ft) and 510sq m (5,492sq ft).
Lisney estimates that with full occupancy, Friars Court, in the town centre, could generate an income of about €120,000.
Commercial investment in Dublin 14
Agent JLL is seeking in excess of €950,000 for a suburban commercial investment beside Milltown Golf Course and Windy Arbour Luas stop at Lower Churchtown Road, Dublin 14. The investment will show a return of 7.18 per cent after costs.
The property’s two self-contained units have been occupied for more than 20 years. No 98 Churchtown Road is occupied by a physiotherapy practice. The smaller unit is a dental practice. There are 14 car parking spaces.
The building is let under two separate leases at an overall rent roll of €74,000 and with a weighted average lease period to run of 15.38 years. The lease to Milltown Physiotherapy has break options, while Milltown Dental has agreed a new 10-year lease.