Retail and residential building in Blackrock for €1.9m
Property comprises ground-floor unit let to Spar and 12-bed apartment above
The property is producing a rent roll of €145,000 per annum
A retail and residential investment off Newtownpark Avenue in Blackrock is guiding €1.9 million through agent QRE Real Estate Advisers.
It is producing a rent roll of €145,000 per annum and, given the guide price, this would reflect a net initial yield of 7.03 per cent.
The property, at 1 and 3 Rockville, contains a ground-floor level Spar which pays rent of €70,000 per annum on a 25-year lease from 2015. Its next rent review is due in 2020 and there is a break option in year 10. The lease is guaranteed by BWG Group, which is majority-owned by the listed group Spar South Africa, which in turn owns the master franchise for Spar Ireland.
At first and part-second floor levels is a large 12-bedroom apartment with shared living and dining accommodation.
This is let on a single lease to Keywords International Ltd from August 2018 at an annual rent of €75,000.
The same agent is quoting €210,000 for a vacant first-floor office suite at The Mall in Beacon Court, Sandyford. Suite 19 extends to about 75sq m (805sq ft) and could expect to rent at €21,000 per annum based on other lettings in the same building, according to QRE.