Landmark mixed-use centre in Churchtown on market at €5.7m
Former Braemor Rooms/McGowans site in south Dublin is producing €371,000 in rent
The centre at 96-98 Churchtown Road Upper extends to 1,139sq m and benefits from 33 car-parking spaces.
A mixed-use centre at the former Braemor Rooms/ McGowans of Churchtown pub site in south Dublin is on the market at €5.7 million through BNP Paribas Real Estate.
It is producing a rent roll of €371,000 on new 10-year leases and, given the given guide price, this would reflect a return of about 6 per cent.
Centric Health Churchtown Medical contributes more than 50 per cent of the rent from its medical centre and a pharmacy unit sublet to Meaghers Pharmacy.
Separately, a unit is also let to Floral Art of Greystones – its second location – at a passing rent of €18,000 per annum.
The centre, at 96-98 Churchtown Road Upper, overlooks the village green and opened for business late last year. It extends to 1,139sq m (12,260sq ft) and benefits from 33 associated surface car-parking spaces.
Recent lettings in the area include Meadows & Byrne, Kia Motors Dundrum and SuperValu.
The Churchtown investment is also close to a 262-unit apartment scheme at Fernbank which Irish Life Investment Managers bought last year for about €100 million.
The former McGowans pub was acquired in 2007 by Select Retail Holdings (SRH) which had bought Superquinn in 2005 for €450 million. SRH was a consortium comprising investors Bernard McNamara and Jerry O’Reilly, as well as businessmen David Courtney, Bernard Doyle and Terry Sweeney.
Musgraves then acquired the property when it acquired Superquinn but sold the pub in 2014 to MM Capital, which undertook its redevelopment.