Tuesday 22 October 2019

Landmark scheme on Braemor Rooms site guiding €5.7m

96-98 Churchtown Rd Upper is producing annual rent of €371,000
96-98 Churchtown Rd Upper is producing annual rent of €371,000
Ronald Quinlan

Ronald Quinlan

Agent BNP Paribas Real Estate is guiding a price of €5.7m for a mixed-use investment located on the site of the former Braemor Rooms and McGowans of Churchtown in South Dublin.

Purpose built by MM Capital, the development which opened for business last year is generating a total annual rent roll of €371,000.

Tenants at 96-98 Churchtown Road Upper include Union Cafe, a part of developer Paddy McKillen Jr's Press Up Entertainment Group, and Centric Health, which owns primary care centres and GP practices across Ireland.

Union Cafe pays an annual rent of €155,000, while another tenant, Floral Art of Greystones has opened its second location there at a passing rent of €18,000 per annum.

Over 50pc of the investment rental income is received from Centric Health Churchtown Medical, who have also sub-let a unit to Meaghers Pharmacy as a complimentary use.

Damien McCaffrey, investments director with BNP Paribas Real Estate says: "This is an opportunity for investment in a largely residential and sought-after South Dublin location. It offers attractive term certain of 10 years on all three new long leases, and provides stable income and exposure to both the medical, and food and beverage sectors.

"At the guide price of €5.7m investors can achieve a net yield of 6.0pc. This should appeal to both domestic and international investors."

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