Malahide multi-let in­vest­ment at €1.95m

Irish Independent - Business Week - - PROPERTY 13 - Ronald Quin­lan

MICHELLE Jackson of agents TWM is seek­ing offers in ex­cess of €1.95m for Mau­rice Ma­hon House, a high-pro­file, two-storey com­mer­cial in­vest­ment op­por­tu­nity at the heart of the aff lu­ent coastal town of Malahide in north county Dublin.

The build­ing, which is laid out cur­rently as five in­di­vid­ual units, ex­tends to 484 sq m (5,214 sq ft) and is be­ing sold on be­half of re­ceiver Ken Tyrell of PwC.

Prospec­tive in­vestors in the prop­erty stand to se­cure the ben­e­fit of a multi-let in­vest­ment with a weighted av­er­age un­ex­pired lease term of ap­prox­i­mately 15 years.

Ten­ants at ground f loor in­clude McGoverns Restau­rant, Axa In­sur­ance and Ellen B Bou­tique, while the up­per f loor is laid out as solic­i­tors’ of­fices and for leisure use.

The prop­erty ben­e­fits from a se­cure yard for load­ing and stor­age along with car park­ing to the rear. The cur­rent to­tal an­nual in­come is €191,330 per an­num with an op­por­tu­nity to grow this with the let­ting of a va­cant unit.

Michele Jackson says the prop­erty’s pric­ing of €1,950,000 offers in­vestors a very at­trac­tive net ini­tial yield of 9.39pc prior to let­ting the va­cant unit.

The in­vest­ment is an at­trac­tive lot size and offers in­vestors the op­por­tu­nity to as­set man­age­ment to achieve both rental and cap­i­tal growth, Jackson adds.

Mau­rice Ma­hon House offers a net ini­tial yield of 9.39pc

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