€880k retail portfolio for sale in three lots
An €880,000 portfolio of three retail investment properties in some of Dublin's most sought after southside villages has been offered for sale in three lots.
The cheapest of the lots is 12 Orwell Road, Rathgar, Dublin 6, which has a €215,000 guide price.
The entire two-storey property is currently generating a rent of €31,000 a year from a single tenant, Forte's fast food takeaway, and at this asking price, agents Property Team O'Mahony says it could generate a gross yield of 9.8pc.
Its gross internal floor area of 96.9sqm includes a 37.2sqm over-head apartment. There is about six years left on the lease.
The most valuable of the properties is 53 Ranelagh, Dublin 6, which has a €425,000 guide price. It has three commercial tenants and is generating a rent of €45,677 a year. At this price the gross yield is 10.7pc a year.
A restaurant has the tenancy on the 73sqm ground floor and its 25-year lease runs from February 2009.
A healthcare tenant occupies the 50sqm first floor and a hairdresser occupies the 29sqm second floor.
The third lot is 16 Monkstown Crescent, Monkstown, Co Dublin, a freehold investment property which has a €240,000 guide price.
Let to a single tenant, it is producing a rent of €25,000 a year and its guide price suggests a yield of 10.4pc.
Its gross internal floor area extends to 141.7sqm of which 90.76sqm is its retail floor area.
The tenant's lease is for 15 years from August 2011 with a break clause in year three.
The sales are taking place on the instructions of Declan McDonald, receiver at PricewaterhouseCoopers.
The businesses of the tenants in each of the three properties are not affected by the sales.
During the height of the boom retail investment properties like these were highly sought after by investors impressed by their prestigious addresses and their potential to attract high spending consumers from the surrounding residential suburbs.