Monday 24 July 2017

€1m Malahide Rd property offers 9.2pc net intial return

The property is let to First Stop Tyres on a 25-year FRI lease
The property is let to First Stop Tyres on a 25-year FRI lease
Ronald Quinlan

Ronald Quinlan

Agents Knight Frank are guiding a price of excess €1m for a high-profile, income-producing commercial property on the Malahide Road next to Clare Hall Shopping Centre in Dublin 17.

The property, which is let to the First Stop Tyres service centre on a 25-year full repairing and insuring (FRI) lease from December 14, 1998, is producing a current rental income of €96,500 per annum, reflecting an attractive net initial return of 9.2pc, based on standard acquisition costs of 4.46pc.

A detached garage facility extending to 479 sq m (5,159 sq ft), it incorporates a ground-floor office block to the side, with additional mezzanine storage, situated on a site of approximately 0.27 acres. There is ample customer/staff car parking to the front of the property.

The building benefits from an eaves height of 4.68m, while access to the garage is via three standard-grade roller shutter doors to the front of the building and another to the side.

The garage has a small internal office/customer area along with kitchenette, toilet and storage facilities to the rear and further mezzanine storage area above.

Planning permission was granted in 2014 by Dublin City Council for change of use from existing car garage, office and storage to retail premises comprising two units of 23 sq m (1,324 sq ft) and 317 sq m (3,412 sq ft).

Planning permission has also just been granted next door for a substantial mixed-use development of 11,394 sq m (122,643 sq ft), consisting of a two- to three-storey convenience retail store, café/restaurant, retail workshop and six- to seven-storey nursing home facility.

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