Saturday 20 January 2018

Receiver seeks €1.6m for units in Tallaght's Square

Receiver Ken Fennell, of Kavanagh Fennell is hoping to achieve around €1.6m from the sale of two retail units in The Square Town Centre, Tallaght, Dublin 24. Mr Fennell is receiver to Cal Investments Ltd and company filings show that Isle of Man-based solicitor John Caldwell is a director of Cal.

In 2004 it was reported that Cal sold a 2.5pc stake in The Square for around €15m.

The two units now being sold by the Cal receiver at The Square are currently generating a combined income of €149,500 a year. This would provide an investor with an initial return of 9pc. Both units are located on Level 3 within The Square Town Centre at the entrance to the newly re-opened IMC 12 screen cinema and adjoining McDonalds.

Agents CBRE point out that the units extend to 117.5sqm in total and are both let under long term leases.

Unit 301 is trading as Tom Stanley's Newsagents under the terms of a 35-year lease from October 1990 and is generating a current rental income of €112,500 per annum.

Unit 302 is let to Mr. Elf, which provides shoe repair and key cutting services, under the terms of a 35-year lease from October 1990 with a current passing rent of €37,000 per annum.

The sale provides investors with an opportunity to acquire two well located internal units within The Square Town Centre.

In 2004 the Mahon tribunal found that Mr Caldwell was the beneficial owner of lands in the Dublin suburb of Carrickmines that were the subject of a planning investigation. Mr Caldwell is also reported to have sold his interest in Custom House Capital in 2007 for €1.5m.

Indo Property

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