independent

Saturday 19 April 2014

€780k price tag on Bluebell Centra

A Centra shop in Bluebell, Dublin 12, is being offered for sale with an asking price in the region of €780,000.

That is a 68pc discount to the €2.4m which it is believed that the premises sold for 2008.

The property comprises two adjoining, three-storey terraced buildings providing 230sqm of net retail accommodation at ground floor and four two-bedroom apartments overhead. The overall property extends to 419.6sqm.

Agents Lisney points out that the guide price reflects a net initial yield of 10.09pc after usual costs of 4.46pc.

Located at 6-8 La Touche Road, opposite the Bluebell Luas stop, the Centra convenience store is let on a 25-year FRI lease with about 19 years unexpired. The contracted rent under the lease is €105,000 a year. However, rental payments equivalent to €54,000 per year are currently being paid.

Three of the apartments are let on short-term tenancies and producing an extra €28,200 a year. The remaining unit is available to let.

Lisney expects its price and high yield may appeal to investors who may also benefit from a Bank of Ireland offer to discuss terms and conditions for finance options on the property.

In 2008 the terms were slightly different as Musgrave's were reported to have guaranteed the rent for the first five years of the term but the price suggests an initial yield of 5.6pc.

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