Boston real estate firm pays €14.5m for Swords Plaza
Boston-based real estate investment and private lending firm Grand Coast Capital has announced its acquisition of Swords Plaza, a 9,409 sq m (101,285 sq ft) retail and office complex located on Main Street in Swords, County Dublin.
While the company did not disclose the amount it paid for the complex, the figure is understood to have been in the region of the €14.5m asking price that had been sought by selling agents, Cushman & Wakefield.
With the complex producing a net operating income of €1,556,000, the investment is set to deliver a return of approximately 10.34pc.
Some 70pc of the rental income at Swords Plaza is derived from a selection of high-profile tenants including McDonald's, Smiles Dental, Axa Insurance, ASL Aviation, DHL Express and Seetec Employment & Skills. ASL Aviation pays a rent of €361,000, while McDonald's and DHL pay rents of €160,000 and €142,000 respectively.
The complex currently enjoys an occupancy level of over 97pc while the WAULT (weighted average unexpired lease term) is 7.94 years.
Commenting on the completion of the deal, CEO and founder of Grand Coast Capital Group, Jeff Carter, said: "The acquisition of Swords Plaza provides Grand Coast Capital a strategic investment opportunity in an ideal location on a very attractive basis.
"This property stands as a well-positioned income-producing asset, generating strong current returns with favourable potential for added improvement," Mr Carter added.
A statement from the company, meanwhile, said the acquisition of Swords Plaza reiterated Grand Coast Capital's continued investment interest in Ireland, which now includes a number of hotel, commercial, and mixed-use real estate assets.
Located approximately 12km north of Dublin city centre, Swords is one of the largest suburban centres in the country. The town boasts a diverse array of amenities and retail offerings, with an easily accessible location on the M1 motorway, linking Dublin and Belfast. Swords is home to numerous corporate headquarters including Kellogg's, Merck, Cadbury and Bristol Myers, owing to its close proximity to Dublin Airport and Dublin city centre.