£750,000 sought for shop at Nutgrove Shopping Centre
Harrington Bannon is seeking offers in the region of £750,000 for a retail investment at Nutgrove Shopping Centre in Rathfarnham, Dublin 14. The 927 sq ft shop adjoins Benetton and is let on a 35-year lease to Motion Picture, a fashion retailer with branches throughout Dublin. The lease has another 19 years to run and the rent is £48,000 per annum. A sale at £750,000 would show a net initial yield of just under 6 per cent, according to Niall Gaffney of the selling agents.
Earlier this month Pound City also sold a retail investment at the same shopping centre for £1.275 million. The company had earlier bought the leasehold interest from Tesco for £800,000 and is now paying a rent of £80,000. Irish Life has also paid £1.5 million in a sale and leaseback deal with Lifestyle on its Nutgrove outlet. The net return in this case is 5.7 per cent.