€525k for Blackrock investment
Agent TWM is guiding a price of €525,000 for 13/15 Rockhill, a mixed-use investment located at the heart of Blackrock village in south county Dublin. A two-storey, over-basement terrace building, the property extends to 2,192 sq ft (204 sq m) and provides for retail use at ground and basement levels, with residential and office accommodation overhead.
'Khan' fashion boutique currently occupies the ground and basement floors on a 15-year FRI lease from September 2017, on a rent of €24,800 per annum. The tenant has a break option in year five. The first-floor office is occupied by Smyly Trust Services on a rent of €6,984 per annum. This lease has expired however and the tenant is currently overholding. The first-floor apartment is currently vacant.
The property produces a rental income of €31,784pa. The guide price of €525,000 reflects a net initial yield of 5.58pc, with scope for this to increase once the residential unit is let.