Portfolio of creches in Dublin and Greystones on sale for over €7.6m
Six facilities in south Dublin and one in Wicklow let to Park Academy for €646,838
The Park in Cabinteely, which has a significant waiting list for registration
Six modern creche facilities in south Dublin and another one in Greystones, Co Wicklow, are to be offered for sale as a long-term investment.
Agent Kelly Walsh is inviting offers over €7.6 million for the portfolio, which is fully let to Park Academy Ltd at a combined annual rent of €646,838. The investment will show a return of 8.15 per cent after allowing for standard purchaser costs.
Kelly Walsh plans to sell the seven properties by tender on November 17th. Alternatively they can be bought in four lots. Individual lot values will be made available on request. The directors of Park Academy will provide a personal guarantee on the rental income of each property for a period of three years.
The largest lot size, in Beacon Court, extends to 900sq m (9,687sq ft) over three floors, which are rented at €169,096 per annum. The facilities include a lift serving all floors, a fully fitted kitchen and 15 underground car parking spaces.
Nearby are six suites in the Beacon South Quarter, with a combined space of 493sq m (5,306sq ft) over two floors. The asset generates a rent of €106,231.
The Greystones creche is located in a fine two-storey detached building known as Eden Gate, which was developed by Cramptons 10 years ago. The building extends to 850sq m (9,149sq ft) and includes a lift, kitchen and a large designated outdoor play area. The rent is €165,752.
In Cherrywood the ground floor of the Tullyvale facility extends to 461sq m (4,962sq ft) and produces an annual rent of €90,573.
Park Academy also has a creche facility at The Park in Cabinteely, which has a significant waiting list for registration. The ground-floor unit extends to 319sq m (3,434sq ft) and with additional outdoor space areas is let at €67,762 per annum.
The smallest creche is located on the ground floor of Thornwood on Booterstown Avenue, which has a floor area of 147sq m (1,582sq ft) and is rented at €47,424.