Property Description

4 generous sized retail units in a high-profile location opposite Artane Castle Shopping Centre and McDonalds

For sale in one Lot only

Excellent investment opportunity with headline rental income €115,000 p.a. exclusive from 4 ground floor retail units

Unit 1 Years 3-5 €45,000 p.a.
Unit 2 Years 1-3 €22,000 p.a. Years 4-5 €23,000 p.a.
Unit 3 Years 1-3 €23,000 p.a. Years 4 -5 €25,000 p.a.
Unit 4 Years 4-5 €20,000 p.a.

Total retail floor area approx. 806 sq. m. (8,676 sq. ft.) GIA

Tenants not affected

Adjacent Tesco, Penneys, Lidl, McDonalds, Maryfield Crescent and Butterly Business Centre

Development also contains 197 apartments and Cocoon Creche

Situated only 5km from the City Centre, close to Malahide Road, Port Tunnel and M50


Location
The property is situated in a convenient and highly accessible location opposite Artane Castle Shopping Centre on the northern side of Kilmore Road beside Butterly Business Centre, 500m from the junction with the Malahide Road (R107). Artane is a vibrant residential area and benefits from access onto the M1/M50 Motorways via the R104 and is a 15-minute drive from Dublin Airport (9km). Nearby occupiers include Tesco, Penneys, DID Electrical, Lidl and McDonalds. There is a catchment population of 50,000 people within a 3km radius of the Timber Mill.

This is an established residential neighbourhood with schools, sports facilities and Beaumont Hospital (1.7km). The area is well serviced by public transport with the 27A bus in the immediate vicinity while there is also a range of buses on the nearby Malahide Road and the DART is within walking distance.

Description
Timber Mill is an attractive purpose built mixed commercial and residential development completed in 2008. The commercial accommodation for sale comprises four retail units in Block D with fronting surface visitor car spaces. The residential element comprises 197 apartments. The development is finished and landscaped to a high standard and the communal areas are well maintained by a well-funded management company.



Retail Unit 1
Size: approx. 230 sq. m. (2,475 sq. ft.) GIA
Tenant: Polo Stores Limited.
Use: Convenience store and retail supermarket.
Term: 10 years from 18.07.2015.
Break Option: None.
Rent: Current passing rent: Years 8 - 10 €45,000 p.a. exclusive



Retail Unit 2
Size: approx. 191 sq. m. (2,055 sq. ft.) GIA
Tenant: D. Leech Plumbing Limited.
Use: Retail showroom for bathrooms & sanitary ware.
Term: 10 years from 14.01.2020.
Break Option: End of third year (subject to 9 months' notice).
Rent: Years 1- 3: €22,000 p.a. exclusive. Years 4 - 5: €23,000 p.a. exclusive.
Next Rent Review: 14.01.2025.
Future Rent-Free: 3 months in Q1 of Year 4.

Retail Unit 3
Size: approx. 191 sq. m. (2,055 sq. ft.) GIA
Tenant: D. Leech Plumbing Limited.
Use: Coffee shop and retail showroom for bathrooms & sanitary ware.
Term: 10 years from 14.01.2022.
Rent: Years 1- 3: €23,000 p.a. exclusive. Years 4 - 5: €25,000 p.a. exclusive.
Next Rent Review: 14.01.2027.



Retail Unit 4
Size: approx. 190 sq. m. (2,045 sq. ft.) GIA
Tenant: Markey Ron Limited T/A Sebastian Marks.
Use: Hair & Beauty Salon.
Term: 10 years from 01.06.2018.
Break Option: None
Rent: Years 4-5: €20,000 p.a. exclusive. Note: Tenant liable for all outgoings on unit except for service charges for the first five years of the term.
Rent Review: 01.06.2023
Future Rent-Free Period: Six months half rent in Year 6 of the lease provided tenant does not exercise break option and is in compliance with all covenants.

Title
We understand that the property is held under Freehold title.


Price

Offers in the region of €1,350,000

Bids on individual units will be considered. Please contact the selling agents for further details on the VAT status.

BER Details

BER No. 800744724

Energy Performance Indicator: 74.18 kWh/m2/yr

This property was last updated: 14 days ago