Tuesday 24 April 2018

Co Meath retail and apartments investment with an asking price of nearly €2m

TWM is quoting €1.9m for The Delvin Centre in Stamullen
TWM is quoting €1.9m for The Delvin Centre in Stamullen
Peter Flanagan

Peter Flanagan

TWM is quoting €1.9m for an investment property in Co Meath.

The agents have been tasked with securing a buyer for The Delvin Centre, a mixed use investment opportunity comprising a modern three storey development in the centre of Stamullen.

The village is close to the M1 Dublin to Belfast road.

The property is said to be currently producing a gross rental income of €216,540 per annum. The Delvin Centre extends to approximately 19,000 sq ft and provides commercial use at ground floor with seven three bedroom duplex apartments situated overhead.

The development is anchored by Centra which occupies five of the seven commercial units, while the two remaining commercial units are occupied by a local pharmacy and beautician. The apartments, which are individually accessed to the rear of the development, are laid out over two floors and provide an entrance hall, lounge, kitchen, dining area, three bedrooms and three bathrooms. Ample car parking spaces are provided in the underground carpark.

The commercial units are occupied with a weighted average unexpired lease term (WAULT) of over 19 years at an annual rent of €156,300 per annum. Six of the seven residential units are let subject to a gross rental income of €60,240 per annum, with terms agreed on the remaining apartment which will increase the residential income to €72,480 per annum.

TWM is seeking a price which reflects an initial yield 10.9pc (based on gross income and assuming standard purchaser costs of 4.46pc) and the firm say it expects strong demand from investors looking for high yielding investments. They commented that this is an attractive lot size for investors who will be enticed by the low vacancy, long WAULT on commercial element and strong demand for residential rental accommodation.

Sarah Winters is handling the sale for the company.

Indo Business

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