Northside portfolio at e4.1m offers income and potential
Published 22/02/2012 | 05:00
A PORTFOLIO of properties including units at Bayside Shopping Centre near Sutton, Dublin 13, is being offered for sale with a €4.1m price tag.
In addition the portfolio also includes an industrial unit in Newtown Industrial Estate in Coolock and a three-bedroom terraced house at Bayside Boulevard, between Sutton and Kilbarrack.
About 80pc of the portfolio is let and producing a current rent of €431,834 a year which at the price would generate a yield of 10.08pc.
It has potential to increase its income through asset management and the letting of a vacant retail unit and the leisure centre at the shopping centre.
Brian Shields of agents Jones Lang LaSalle says that about 88pc of the rent is attributable to the units at the neighbourhood style centre which is strategically located within a large residential catchment area.
The anchor unit is a Centra Supermarket, let on a 25-year lease from November 2009, and the portfolio also includes five other retail units, a leisure centre, a crèche, two lock-up garages and two three-bedroom flats. Most of the units are let on a mix of long and short-term agreements.
A further nine commercial units and five flats at the 0.97-hectare Bayside site are held on long leaseholds by other owners and are not included in the sale.
The Newtown industrial unit has 16 years remaining on the lease at a rent of €38,000 per year while the Bayside Boulevard house is let at a rent of €12,000 per year to a long-term tenant. The portfolio is for sale in one or more lots.
There is future development potential at the shopping centre as The Bayside Centre Management (TBCM) was granted full planning permission in 2010 to redevelop the centre to provide a mixed use scheme of 11,203sqm which would include an anchor retail unit of 894sqm, 312sqm of offices, a medical centre, a crèche and a gym as well as 62 apartments.
TBCM, headed by Francis Breslin, who is the vendor of the portfolio, had an agreement with the owners of the 14 other units that they would receive alternative units in the new development.
That plan proposed to demolish all but one of the buildings located on the southern part of the Bayside Square.
Sutton is a sought-after area because of the nearby Dart service and the convenient distances to North Dublin beaches, Howth Harbour village and a range of northside amenities and sea views.