Friday 20 October 2017

Malahide investment at €3.8m promises net yield of 7.25pc

1-3 The Green is producing annual rental income of €288,000
1-3 The Green is producing annual rental income of €288,000
Ronald Quinlan

Ronald Quinlan

A fully tenanted mixed-use investment in Malahide, Co. Dublin, has been brought to the market by agents Kelly Walsh for €3,8m.

No. 1-3 The Green is a modern four-storey-over-basement building with extensive secured underground parking overlooking the Marina Green in the centre of the village. The ground floor is trading as Siam Thai, a popular Asian restaurant established in 1993 that has its second branch in Dundrum Town Centre. The restaurant has been extended to accommodate the Candlelight Bar, a new contemporary cocktail bar facing the Marina.

The upper floors provide modern office space with specification including air-conditioning, cat 5e cabling, meeting rooms on each floor and floor-to-ceiling glass-panel walls in the cellular offices. The third floor has large private balconies to the front and rear with views across the sea over to Donabate. There is a passenger lift providing access from each floor directly into the gated underground car park.

The entire is producing rental income of €288,000 per annum with a weighted average unexpired lease term (WAULT) of 9.3 years. Based on the asking price of €3.8m, prospective purchasers stand to benefit from a net yield of 7.25pc.

The property extends to 960 sq m (10,333 sq ft) and sits on a site of approximately 0.07 acres with extensive, secure surface-level parking to the rear with scope for development potential subject to planning. There are a further six surface-level car spaces to the front of the property.

Given the shortage of office spaces offering good-sized, modern floor plates within Malahide, the agents expect interest from a range of investors seeking to capitalise on what they note as "a fully tenanted, mixed-use investment offering an attractive yield with medium-term income security".

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