Friday 20 October 2017

Tallaght mixed-use investment at €1m offers 9.76pc return

The Village Square, in a prime location in Dublin’s Tallaght
The Village Square, in a prime location in Dublin’s Tallaght
Ronald Quinlan

Ronald Quinlan

Agents Knight Frank are seeking offers in excess of €1m exclusive for a mixed-use commercial investment in the south Dublin suburb of Tallaght.

The Village Square, Tallaght, is fully let and comprises two separate blocks of retail and office units.

Knight Frank are offering a portfolio of multiple commercial units comprising two retail units and one professional services office unit at ground-floor level and an own door office unit at first-floor level within the high profile block which fronts on to Old Bawn Road in Tallaght village.

The development will provide the purchaser with a strong and secure tenant mix which includes Saint Vincent de Paul, the Irish Cancer Society, John Glynn & Co Solicitors and Whelan Pensions.

Based on the €1m price set by the selling agents, the scheme will afford the purchaser a net initial return of approximately 9.76pc once standard acquisition costs of 4.46pc are taken into account.

The investment generates an annual income of €102,000 with a weighted average unexpired lease term (WAULT) of 4.67 years. All leases are on a full repairing and insuring (FRI) basis effective through a service charge.

The properties extend to approximately 415.25 sq m (4,470 sq ft) with 324.62 sq m (3,495 sq ft) on the ground floor and 90.62 sq m (945 sq ft) at first floor level.

All the units are in good condition with standard internal specifications and benefit from ample customer surface car parking.

The Village Square enjoys a prominent location, close to the Old Bawn Road intersection with the N81. The Square Shopping Centre, Institute of Technology Tallaght, Tallaght Hospital and numerous industrial, retail, office parks and residential apartment complexes are located in the immediate area.

Tallaght has the benefit of excellent transport services within its immediate vicinity. These include The Square Red Line Luas stop serving Abbey Street, Heuston and Connolly stations and the 3Arena at the Point Village in the IFSC.

In addition, numerous Dublin Bus routes, including the 49n, 54a, 65, 75, 76 and 77n, which serve the city centre and surrounding suburbs, stop nearby.

Sunday Independent

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