Mountview Shopping Centre with seven retail units goes on market

Turley Property Advisers guiding €1,850,000 for Blanchardstown-area property

Dublin 15: Mountview is located on the corner of Mountview Road and Lohunda Downs

Dublin 15: Mountview is located on the corner of Mountview Road and Lohunda Downs

 

Almost five months after the sale of the Blanchardstown Centre, another shopping facility in the same area goes on the market today. Turley Property Advisers are guiding €1,850,000 for Mountview Shopping Centre which has seven retail units and will show a yield of 10.14 per cent after deducting standard acquisition costs of 4.46 per cent. The range of shops extend to 886sq m (9,535sq ft) apart from a bar that is not included in the sale.

Mountview is located on the corner of Mountview Road and Lohunda Downs in a highly populated area just over 1.5km from the main shopping centre. The facility has six tenants paying a rent roll of €190,000 and, according to Michael Turley of the selling agents, the rents will rise to €210,000 within the next two years.

A recent round of negotiations has led to some of the existing tenants signing up to new leases and the pharmacy tenant agreeing to renting an enlarged premises which now includes the former newsagency. The highest rent of €46,705 is paid by a Polish supermarket followed by the pharmacy at €40,000; the newsagents and Paddy Power at €30,000 each; a Chinese takeaway at €29,700 and a hairdressers at €16,500. Leases are due to run for between 10 years and 35 years. Each of the shop units has rear access to storage areas. The shopping complex has more than adequate parking facilities on site.