Businessman puts £6m into Finglas investments

DUBLIN businessman Paul Coates is investing close to £6 million in retail and office properties in Finglas only months after acquiring Phibsboro Shopping Centre for £4.75 million. His latest purchase, costing £2.3 million, involves Finglas Town Centre, a 39,000-square-foot retail complex, which is currently producing a rental income of £338,000. The largest tenant, Quinnsworth, which accounts for £63,000 of the rental income, is to assign the leasehold interest in its 7,733-square-foot unit to UK multiple Iceland. Mr Coates recently paid £3.3 million for the Finglas Main Centre, a four-storey office block over a ground floor retail area, which is producing rents of £368,500. The 24,000 square feet of offices, known as Raven House, are let to the General Medical Services (Payments) Board at £125,000 per year under a 35-year lease from 1974. A decision is due shortly on a planning application to add a further storey to the building. The Main Centre adjoins the Poppintree Mall, also owned by Mr Coates. He is earning a rental income of £1,450,000 from his three investments, which cost £10.35 million - equating to a 13 per cent yield. Estate agents Murphy, Ralston and Partners acted for Mr Coates on the purchase of the Phibsboro centre.