Tuesday 19 November 2019

Malahide multi-let investment at €1.95m

Maurice Mahon House offers a net initial yield of 9.39pc
Maurice Mahon House offers a net initial yield of 9.39pc
Ronald Quinlan

Ronald Quinlan

Michelle Jackson of agents TWM is seeking offers in excess of €1.95m for Maurice Mahon House, a high-profile, two-storey commercial investment opportunity at the heart of the affluent coastal town of Malahide in north county Dublin.

The building, which is laid out currently as five individual units, extends to 484 sq m (5,214 sq ft) and is being sold on behalf of receiver Ken Tyrell of PwC.

Prospective investors in the property stand to secure the benefit of a multi-let investment with a weighted average unexpired lease term of approximately 15 years.

Tenants at ground floor include McGoverns Restaurant, Axa Insurance and Ellen B Boutique, while the upper floor is laid out as solicitors' offices and for leisure use.

The property benefits from a secure yard for loading and storage along with car parking to the rear. The current total annual income is €191,330 per annum with an opportunity to grow this with the letting of a vacant unit.

Michele Jackson says the property's pricing of €1,950,000 offers investors a very attractive net initial yield of 9.39pc prior to letting the vacant unit.

The investment is an attractive lot size and offers investors the opportunity to asset management to achieve both rental and capital growth, Jackson adds.

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