Maynooth shops for €1.9m

REA Coonan is quoting €1.9 million for a landmark mixed-use investment in the centre of Maynooth, Co Kildare.

The property is a high profile purpose-built commercial centre comprising three ground-floor retail units, with two first-floor office suites and two basement food outlets. It extends to 1,014sq m (10,920sq ft) and is producing a rent roll of €173,000 per annum.

The centre fronts onto Mill Street at the junction with Main Street and, while the period-style building has been extensively renovated, about 50 per cent of the space was constructed in 2000. The basement level has large outdoor seating areas with river frontage.

Will Coonan of REA Coonan is handling the sale which is also available in two lots. “Building One”, which includes 563sq m (6,060sq ft), is producing €91,000 in rent from two restaurants and three office suites. Stone Haven restaurant pays €36,000 for 202.5sq m (2,180sq ft) at basement level on a 35-year lease from 1996; Coffee Lounge rents 158sq m (1,700sq ft) on the ground floor for €33,000 (€28,000 for the first three years of its 10-year term from December 2013); and the three office suites at first floor level are rented for a combined €22,000.

“Building Two” , which has 451.5sq m (4,860sq ft), produces rent of €82,000 per annum from a restaurant, two shops and offices. The Coffee Mill occupies the 150.5sq m (1,620sq ft) basement on a 20-year lease from March 2001 at a rent of €20,000. Ground floor retail units are rented by Eurosaver at €30,000 for 99.4sq m (1,070sq ft) on a 10-year lease from 2010, and by Mystic which pays €14,000 for 51sq m (550sq ft) on a five-year lease from November 2010.

The 150sq m (1,620sq ft) first floor office element is rented at €18,000 on a 10-year lease from March 2010.