Tuesday 17 September 2019

Newbridge units offered at 28pc discount

Price drop: A number of commercial units in Newbridge, Co Kildare, are being sold
Price drop: A number of commercial units in Newbridge, Co Kildare, are being sold
Donal Buckley

Donal Buckley

A TRANCHE of mixed-use units at a Co Kildare shopping centre has been brought to the market with a €900,000 guide price which is a reduction of €350,000, or 28pc, from the €1.25m price which was quoted for it when it was offered for online auction last July, when it did not sell.

QRE real estate advisers is handling the sale of the properties comprising units 1, 3, 4, 5, 7 and 8 at The Court, Newbridge, Co Kildare, on behalf of a private investor.

Four of the units are generating a total annual rent of €154,373 and Brian Kelly, of QRE, points out that this reflects an initial yield of 15.81pc after standard purchaser's costs.

Unit 1 and Unit 3 are let to Permanent TSB at a combined annual rent of €122,500 with lease expiry in 2023. Unit 5, which extends to 516 sq ft, is let to Midland Office Supplies with a passing rent of €22,873 with lease expiry in 2022.

Unit 7, a first-floor office extending to 1,098 sq ft, is let to PJ Beirne and Associates at €9,000 per year.

According to Mr Kelly, there is potential to increase the current rent roll to €200,000 by letting the vacant ground floor retail unit which extends to 3,046 sq ft and the vacant office unit on the second floor, which extends to 430 sq ft. This could boost the yield to over 20pc.

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