Stillorgan retail investment opposite shopping centre for €3.1m

Shops on Lwr Kilmacud Road fully let

 

Three high-yielding retail buildings and an office suite opposite Stillorgan Shopping Centre in Co Dublin

Are to be offered for sale through QRE Real Estate Advisers at€3.1 million. However, Bryan Garry of the selling Agents confirmed that bids for the individual units will also be considered.

Numbers 8,10 and 12 Lwr Kilmacud Road have an overall floor area of 663sq m (7,167sq ft) and are producing a rental income of €262,000.

Boyle Sports is contributing €82,000 and has 20 years remaining on its lease. Solicitors Gleeson McGrath Baldwin rents the overhead office space at €20,000 per annum. A food takeaway business G Aprile Ltd pays a rent of €52,000 while another similar takeaway business has agreed to rent the ground floor of number 8 at €60,000 per annum.

Two further restaurants, Citrus Fresh and Casanova’s Woodfired Pizza, are paying rents of €30,000 and €18,000 respectively.

The €3.1 million selling price will equate to a net initial yield of 8.1 per cent.

QRE is expecting strong interest in the investment given the proposed redevelopment of Stillorgan Shopping Centre which has been owned by Kennedy Wilson since 2013.