AIB Investment Managers is to sell two retail investments at The Square in Tallaght, Co Dublin, which it bought when the complex first opened in October 1990. Both units are located on the second floor of the centre and are let on long leases to Claire's Accessories and Meteor, the third mobile phone operator. There are capital allowances with both shops which should appeal to private investors preparing end of year tax returns.
Agents Palmer McCormack, which is handling both sales, is seeking £1.45 million (€1.84m) for Claire's Accessories, an 891 sq ft unit currently producing £65,000 (€82,530) per annum and expected to rise to £90,000 (€114,276) when the rent is reviewed in just over two years. This would bring it in line with the current Zone A level of £130 (€165) per sq ft. The investment would provide an initial yield of 4.15 per cent, rising to 5.75 after the next review.
A price of £920,00 (€1.168,16) is being sought for Meteor, a 441sq ft outlet which is rented at £50,000 (€63.490) under a lease from December, 2000. The net yield in this case works out at 5 per cent.
