Swords Plaza goes on market at over €14.5m

Fully occupied office and retail centre expected to attract range of Irish and overseas buyers

An almost fully occupied office and retail centre known as Swords Plaza along Main Street in Swords, Co Dublin, is expected to attract a range of Irish and overseas buyers when it goes on the market today at over €14.5 million through Cushman & Wakefield, previously known as DTZ Sherry FitzGerald.

The investment will show a net initial return of 10.34 per cent after acquisition costs of 4.46 per cent are taken into account.

The freehold complex extends to over 9,409sq m (101,285sq ft) and is producing an annual net operating income of €1,556,000. Around 69 per cent of the revenue is secured against a host of well known national/multinational occupiers including McDonald's, Smiles Dental, Axa Insurance, ASL Aviation, DHL Express and Seetec Employment & Skills. ASL Aviation contributes €361,000, McDonald's pays €160,000 while DHL Express contributes €142,000.

Occupancy levels

Occupancy levels in the high profile development are currently at over 97 per cent, according to the selling agent. The centre has a weighted average unexpired lease term of 7.94 years.

Swords Plaza occupies a pivotal location in the centre of Swords town, adjacent to both the Pavilions and Swords Central shopping centres. The plaza was originally developed in 1998 in conjunction with a residential apartment scheme. All the apartments with the exception of two in Archway House have been sold.

Of the building going for sale, 67 per cent is offices while 26 per cent is in retail use. The remaining 7 per cent comprises a double-level basement car park with 315 car spaces and two apartments.

Ciara Horgan of Cushman & Wakefield said Swords Plaza offered investors an opportunity to acquire a well-secured high-yielding commercial investment in one of Dublin's most popular commuter towns.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times