Greystones retail and office investment for €2m

A substantial retail and office investment known as Zoe House in Greystones, Co Wicklow, goes on sale today through DTZ Sherry FitzGerald with a guide price of €2 million.

At that valuation it will show a net return of 9.95 per cent.

The two-storey complex extends to 1,761sq m (19,000sq ft) of space on a corner of Church Road. That is the main retail thoroughfare which is close to Greystones Dart station and the Meridian Point shopping centre.

It is also within close proximity of SuperValu and is directly opposite The Happy Pear and Cycle Plus.

The ground floor of Zoe House is occupied by Mrs Robinson's Public House, Mitchell Douglas Auctioneers, Sports Cuts Barber, and Caffe Delle Stelle.

Another building, previously occupied by Mrs Robinson’s restaurant, is no longer trading.

Office units

The first floor has two office units with separate accesses off Church Road and Hillside Road.

One of the offices is rented by Zahara Publishing while the other one is vacant. There is an extensive service area at basement level.

The investment is currently producing a rent roll of €207,950.

This can be increased by a further 14,500 on the completion of legal arrangements with some of the existing tenants.

Johnny O’Connor of agent DTZ Sherry FitzGerald said he expected a high level of interest in the investment because of the key location, lot size, the increasing demand for retail investments and the good prospects for rental growth.