A strong initial yield of 7 per cent and the combination of asset management and development potential is expected to attract interest in the sale of the well-known Maple Centre on Dublin’s Navan Road.
The landmark scheme, which includes tenants such as McDonald’s, EuroGiant, Iceland and O’Brien’s, has been brought to the market by agent TWM at a guide price of €7.1 million.
Located at the junction of the Old Cabra Road, New Cabra Road and Ratoath Road, the centre attracts a high footfall given its close proximity to the established suburbs of Stoneybatter, Cabra, Castleknock and Ashtown. The property is situated 3km northwest of Dublin city centre and 1.3km west of Phibsborough Luas stop.
The Maple Centre briefly comprises seven retail units extending to a total area of 2,544.3sq m (27,386sq ft) and benefits from 75 surface car-parking spaces.
The scheme is currently producing rental income of €550,023 per annum including a one-year rent underwrite of €50,000 on unit five, which is currently vacant. This unit extends to 2,017sq ft and has the advantage of planning permission for change of use from retail to restaurant, serving hot and cold food for consumption on and off the premises. The weighted average unexpired lease terms to lease expiry is 7.87 years and 6.9 years to break options.
There is an opportunity, according to the selling agent, to increase the value of the investment through an adjoining 0.2 acre development site zoned “Z4 – district centre”. Permissible uses under this zoning include residential, hostel and hotel. With Technological University Dublin’s new Grangegorman campus located just 1km away, this zoning should make the site an attractive proposition for developers of both student accommodation and housing. A planning report carried out by John Spain Associates in advance of the current sale suggests the site could accommodate heights of between five and seven storeys.
Patricia Ward of TWM says she expects the Maple Centre to appeal to investors capable of unlocking value through asset management and development.
