Tuesday 20 March 2018

€1.1m for retail collection

The units at Ardilaun Court form part of the collection
The units at Ardilaun Court form part of the collection
Peter Flanagan

Peter Flanagan

Savills is quoting €1.1m for a collection of city centre retail units which are coming to the market for sale by private treaty on behalf of Kieran Wallace Receiver.

The properties are said to be multi-let with a current rent roll of €120,014 per annum subject to six tenancies, with an additional unit presently vacant.

The asset provides a total area of approximately 7,072 sq ft of retail accommodation.

The properties comprises seven retail units overall with a weighted average unexpired lease term of approx. 3.73 years. The vacant unit in Ardilaun Court offers asset management opportunities to increase rent roll.

Ciaran Kelly of Savills who is handling the sale on behalf of KPMG commented: "due to the high demand for investment properties around the city-centre we expect strong interest from a wide range of investors."

Savills believe these properties "situated at busy retail locations on Patrick and Dean Street, Dublin 8 will attract significant levels of interest. The asking price equates to an net initial yield of 10.44pc. The properties are available in one or more lots.

The sale comes the same week as it emerged that Tetrarch Capital is seeking €21.5m for a series of properties known as the River Portfolio. The portfolio, which is being marketed by QRE, formed part of the Ulysses Portfolio which Tetrarch bought from Bank of Scotland (Ireland) in 2013.

The River Portfolio consists of 29 properties located in central Dublin and is generating a current rental income of €1.8m per annum. The majority of properties are concentrated around Dublin 1, 2, with the remainder located in Dublin 7 and 8. The entire comprises a total floor area of approximately 7,432 sq m (80,000 sq ft), which is over 90pc let.

More than four fifths of the income is weighted towards retail tenants, with the remaining income coming from an office block known as The Tannery, on Cork Street in Dublin 8 and a licenced premises trading as the Panti Bar, located on Capel Street in Dublin 1.

According to the agents, the highlight of the portfolio includes 17 retail units located on Lower Liffey Street and Bachelors Walk on the river's northside.

"Occupiers include a mix of established retail operators, including Spar, Butlers Chocolates, Nourish Health Foods, Games Workshop, Decobake, La Terra and Bach 16," Savills added.

Sunday Independent

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