AN INVESTMENT portfolio which includes the Bayside shopping centre in Coolock, Dublin 5, is to be offered for sale at €4.1 million by agent Jones Lang LaSalle. The yield on the investment will be 10.86 per cent.
The shopping complex dates from the 1960s and was extended in the 1970s and 1980s. It has six retail units in all along with a creche and a vacant leisure centre. The anchor tenant is a Centra supermarket which is contributing €240,000 of the overall rent roll of €431,834. The portfolio is about 80 per cent let. The 25-year lease on the supermarket runs from 2009 while the remaining units are let on a mix of long and short term agreements. One of the shops is vacant.
The investment also includes an industrial unit in Newtown Industrial Estate off the Malahide Road in Coolock, two duplex apartments over the shops and a three-bedroom house at Bayside Boulevard.
Brian Shields of Jones Lang says while there is potential to increase the rental income through asset management there is also scope to redevelop the centre. Full planning permission was granted in 2010 to provide a mixed-use scheme of 11,203sq m (120,588sq ft) of retail, office, leisure, medical, creche and 62 apartments.
