Home > Ireland > The Pavilion in Dun Laoghaire on the market for €9.6m

The Pavilion in Dun Laoghaire on the market for €9.6m

Written by Robert McHugh, on 20th Oct 2016. Posted in Ireland

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The Pavilion Development in Dun Laoghaire is to be brought to the market at a guide price of €9.6 million it was announced today.
 
The property is a mixed use scheme developed in two phases in 2000 and 2007. It comprises 10 retail units and is conveniently located opposite Dun Laoghaire DART Station and Dun Laoghaire Harbour.
 
Pavilion 1 consists of 5 ground floor shops occupied by Itsa Bagel, Mao, Eddie Rockets, Viking Marine and one remaining unit with terms agreed to a restaurant and currently in legals. There is also an ATM and a lower level gym let to Crunch Fitness. Pavilion 1 enjoys the use of outdoor seating areas for the restaurant units fronting the harbour as well as close proximity to a children’s playground providing high levels of footfall to this popular South Dublin leisure destination. 

Pavilion 2 consists of a 2-storey anchor unit occupied by Eason and Costa Coffee, 2 ground floor shops occupied by O’Brien’s Fine Wines and Go Bonkers Ice Cream and a lower level unit with a letting agreed subject to planning to Just Wing It, who also occupy a restaurant unit in The Square Tallaght. 
 
Income from the retail units for sale is approximately €758,000 per annum which reflects a net initial yield of approximately 7.5%. The rent is due to increase to €905,000 when fully income producing post completion of the final two lettings.

This will provide an investor with an extremely attractive 9% yield. The units for sale extend to a total of 51,280 sq. ft. (4,764 sq. m.). The split of rental income between retail and restaurant uses is almost evenly balanced.  The diversification between retail and restaurant income creates an attractive prospect for potential investors. 
 
Jacqueline Fitzpatrick of JLL today commented, "This is an excellent opportunity for an investor to acquire an attractive retail portfolio, which is in demand from retailers due to its heavy footfall in a busy town centre with harbour views. The scheme, which we expect will be fully occupied by the end of 2016, will provide an investor with high yielding diverse income with the benefit of a strong tenant line up."

Source: www.businessworld.ie

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