Joint agents Robert Colleran Property Consultants and Lisney are quoting a price of €950,000 for a well-located retail investment in Artane, Dublin 5.
The Timber Mills comprises four generously-sized units with a total floor area of 806sq m (8,676sq ft). The investment is currently producing rental income of €70,000 per annum from three units, which are occupied by Polo Stores Ltd, D. Leech Plumbing Ltd and Sebastian Marks hair and beauty salon.
There is potential, according to the selling agents, to secure an additional €22,000 in annual rental income through the letting of the vacant unit 3, which extends to 195sq m (2,098sq ft).
Significant interest
Developed in 2008, Timber Mills is a purpose-built commercial and residential scheme. The retail units benefit from ample customer car-parking spaces in front of the property and footfall from the 197 adjoining Timber Mills apartments and Cocoon Creche. The scheme also attracts significant spin-off business from Artane Castle Shopping Centre, McDonald’s, Tesco, Penneys, Lidl, Maryfield Crescent and Butterly Business Centre.
While the vendor has a preference to sell the property as one lot, bids on individual units will also be considered.
Robert Colleran expects the Timber Mills portfolio to attract significant interest from investors given the combination of its current and potential rental income, and its strong location next to Artane Castle Shopping Centre.
Interested parties should contact Robert Colleran or Ross Shorten and Thomas Byrne at Lisney.
