Three Dublin re­tail cen­tres in two sep­a­rate lots

Two cen­tres in Ash­town, Dublin 15 and one in Stepa­side , Dublin 18 for sale Agent seeks €5.85 for Ash­town cen­tres and €1.9m for Stepa­side prop­erty

The Irish Times - Business - - BUSINESS COMMERCIAL PROPERTY -

Two neigh­bour­hood cen­tres at Rath­bourne in Ash­town, Dublin 15, and an­other one at Stepa­side in Dublin 18, are ex­pected to at­tract a con­sid­er­able in­ter­est when they are of­fered for sale in two sep­a­rate lots through the Ban­non agency.

David Car­roll of Ban­non is seek­ing €5.85 mil­lion for two shop­ping fa­cil­i­ties at Rath­bourne and €1.9 mil­lion for the Stepa­side cen­tre.

Castlethorn De­vel­op­ment built all three cen­tres as part of large hous­ing es­tates and is build­ing a fur­ther homes in both lo­ca­tions.

Phoenix Park

The Vil­lage and River Cen­tre are two sep­a­rate re­tail schemes within the ex­ten­sive Rath­bourne hous­ing de­vel­op­ment be­side Ash­town train sta­tion and Phoenix Park.

The Vil­lage cen­tre is an­chored by an owner-oc­cu­pied Su­perValu and in­cludes 14 other re­tail and leisure units ex­tend­ing 1,905sq m (20,503sq ft).

They are yield­ing a rental in­come of €373,000. Oc­cu­piers in­clude Lloyds Phar­macy, Dou­glas and Kaldi, Bom­bay Pantry, Canal Bar and Geisha Asian Restau­rant.

The River Cen­tre, lo­cated about 400m from the Vil­lage, is con­sid­er­ably smaller with a Spar out­let and a Gi­raffe Child­care fa­cil­ity.

A GP due to rent an­other unit in the com­ing weeks will bring the net op­er­at­ing in­come to €188,000.

The €5.85 mil­lion be­ing sought for the two cen­tres will show a re­turn of 9.2 per cent.

Third as­set

The third as­set at Stepa­side, known as Be­larmine Plaza, is an­chored by Fresh Su­per­mar­ket and has a range of com­mer­cial units over three lev­els and an over­all floor area of 3,398sq m (36,574sq ft).

Ban­non says the ex­ist­ing net in­come of €173,000 can be “sig­nif­i­cantly en­hanced” when ten­ants are found for about 40 per cent of the avail­able space.

The €1.9 mil­lion be­ing sought for the cen­tre will show a net in­come yield of 8.71 per cent after stan­dard ac­qui­si­tion costs are de­ducted.

David Car­roll and Alex Pat­ter­son said they are ex­pect­ing good in­ter­est in the three cen­tres given the op­por­tu­ni­ties to grow the in­come.

The Vil­lage cen­tre in Rath­bourne, Ash­town, D15: An­chored by a Su­perValu, the ten­ants in­clude Lloyds Phar­macy, Bom­bay Pantry, Canal Bar and Geisha Asian Restau­rant.

Castlethorn De­vel­op­ment built all three cen­tres as part of large hous­ing es­tates

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