An American investment company has bought the Skerries Point Shopping Centre in north Dublin for €3.4 million – €400,000 above the guide price set by selling agent Leona Mullen of Savills.
The investment will show a net yield of 7 per cent. The price works out at an overall figure of €49.50/sq ft (€113/sq ft). The vacancy rate stands at 57 per cent.
The same US firm, Grand Coast Capital, three months ago acquired Swords Plaza, a mixed-use office and retail development on Main Street, for €13.5 million. Sources close to company said it is looking for additional retail centres in good locations.
Skerries Point is located close to the town centre and its largest residential cluster at Kelly's Bay, as well as Skerries Educate Together School. The centre produces an annual rent roll of €335,408.
The centre is anchored by Eurospar; other tenants include Boylesports, Well Fit Health and Fitness, Vets First and Kelly’s Bay Montessori, alongside a pharmacy, takeaway and beauticians. The weighted unexpired term is 6.5 years.
Skerries Point extends to 6,381sq m (68,682sq ft) and has parking at surface and basement level for 200 cars. A new link road that runs past the centre will eventually connect the area to the Balbriggan Road.
