Two commercial investments, Swiss Cottage and the adjoining Euro House at Swords Road in Santry, Dublin 9, will be one of three separate investments auctioned on October 26th by agent Cushman & Wakefield.
The other two will be student accommodation at Schoolhouse Lane in Santry, and two purpose-built office buildings at Broomfield Business Park in Malahide.
Peter Love of the selling agents is guiding €1.05 million for Swiss Cottage and Euro House, which at that price will show as net initial yield of 10.39 per cent.
The ground floor of Swiss Cottage is let to Magner’s Pharmacy on a 22-year lease from 2007 at a rent of €50,000. The first floor is rented by Butler Smith letting agents at €10,800. Euro House, a two-storey commercial building, is let to the Tanning Salon at a rent of €53,122.
The second asset going to auction, 1-7 Schoolhouse Court, has seven, three-bed apartments in Block A with storage, office and laundry facilities on the ground floor of block B. The units are fully let at €178,500, which breaks back to €152,250 once management and ESB fees are taken into account.
Cushman & Wakefield is guiding €1.6 million for the residential units, which will show a net yield of 10.68 per cent. The guide price works out to €228,571 per apartment.
The selling agent is guiding €1.3 million (a net initial yield of 10.41 per cent) for two office buildings at Broomfield, about 1km south of Malahide village, which is occupied by nine tenants at an overall rent of €141,356. Seven of the tenants are on monthly licences.
