A south Dublin neighbourhood shopping centre is on the market for €2.9 million through DTZ Sherry FitzGerald.

Sandyford Hall is being sold on the instructions of receiver Tom Kavanagh of Deloitte. It is located at Kilgobbin Road in Sandyford, just off junction 14 of the M50.

The centre, which includes 13 retail units over two levels, extends to 1,434sq m (15,446sq ft) and has 50 surface level car-parking spaces.

All but one of the shops are occupied. The vacant unit is currently under offer with an international coffee house brand. The centre is anchored by Centra with adjoining occupiers including Romayos Diner, McCabes Pharmacy and Kidz Biz creche.

Sandyford Hall is producing an abated rent roll of €280,000. This should increase to around €320,000 once the vacant unit is let.

"This mixed-use investment offers an attractive net initial yield of 9.24 per cent," says Jane Dolan of DTZ, "and, once 100 per cent occupancy is achieved, the yield is set to increase to 10.56 per cent after standard purchasers costs of 4.46 per cent.

“This investment also offers rental growth prospects with a unique opportunity to acquire full control of a neighbourhood scheme. The upcoming expiry of the capital gains tax exemption window at the end of the year will also add to the attraction of this asset with a low capital value per square foot of approximately €188.”