Investors looking for immediate rental income from a strong tenant line-up in a strong location may be interested in the sale of Churchtown Business Park in south Dublin.
The 21-unit scheme, which is fully let and producing annual rental income of €484,000, is being offered to the market by agent Finnegan Menton for €7 million. The guide price reflects a yield of 6.25 per cent.
Churchtown Business Park extends to a total area of 41,260sq ft on a site of about of two acres. The scheme’s commercial units are in use as showrooms, workshops, stores and offices, and unit sizes generally range from about 1,400sq ft to 2,500sq ft, with one unit of 7,645sq ft.
The current tenant line-up consists of a number of high-profile tenants including Senator Windows, Tipperary Crystal, Skön, Danish Kitchen Design, Avista Medical and Webshirts Limited t/a Louis Copeland.
The scheme’s tenants pay service charge contributions of about €33,450 a year, and the development is currently owner-managed with no management company in place.
Churchtown Business Park is well-located off Beaumont Avenue in Churchtown. The development is situated within close proximity to the landmark Bottle Tower pub and about 1.5km from Dundrum Town Centre.
While the scheme continues to perform well as a business park, with planning permission granted last year for a new 1,450sq ft commercial unit, the selling agent says that given its location at the heart of south Dublin, it may have longer-term development potential.
