Two neighbourhood retail investments are new to the market this week through agent Cushman & Wakefield.
The first, at Rosse Court in Lucan, Co Dublin, consists of nine shop units and is guiding €1.8 million. These shops, extending to a combined 1,182sq m (12,722sq ft), produce a rent roll of €188,600 a year which is set to rise to €193,600 in October 2019 and €198,600 in October 2020. This would suggest a net initial yield of 9.66 per cent rising to 10.17 per cent when the rent increase kicks in.
Rosse Court is just off the M50 and within striking distance of the Clondalkin/Fonthill commuter line. It is close to schools and situated within a well-established residential development.
Close to Tallaght
Units 1-4 at Marlfield Mall in Kiltipper, Dublin 24, is guiding €1.25 million to reflect a net initial yield of 9.68 per cent. This modern neighbourhood centre is in a high-density residential area close to Tallaght.
The four ground-floor retail units have a combined 1,097sq m (11,808sq ft) of space. Three of the four shops are let on a long-term basis and produce a rent roll of €131,370. Mr Price, for example, recently occupied the scheme's 742sq m (7,997sq ft) anchor unit on a 20-year lease at €79,970 per annum.
The one remaining vacant unit extends to about 105sq m (1,130sq ft) and has planning permission for a bookmakers.
Other tenants in the scheme include residential accommodation on the upper floors along with Cocoon and Kiltipper Café Bar on the ground floor both of which do not form part of the sale.
