The combination of a strong initial yield of 8.3 per cent and the opportunity for further rental growth has helped to secure the sale of a mixed-use investment in Clontarf to a private Irish investor for €1.6 million.
48-49 Clontarf Road comprises a mid-terrace three-story property extending to 504sq m (5,429sq ft). The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment.
The building is fully let to 10 well-established tenants including Clontarf Wines, Lotus Boutique and Lemons Beauty Salon, and is producing total rental income of €145,471 per annum.
Potential
This is below the current market rental value for the building and given the increased market rents in recent times there is potential, according to the selling agent, Hooke & MacDonald, for rental growth at upcoming reviews, particularly taking account of the property’s strategic location.
The building underwent an extensive refurbishment prior to its sale, with a complete restoration incorporating repointing and cleaning of the façade, new roof, double-glazed windows and rewiring throughout.
The subject property is located on the north side of Clontarf Road overlooking the coast in the heart of Clontarf village. Clontarf benefits from excellent transport links including numerous Dublin Bus routes. The property is located just 500m to the west of Clontarf Dart station and 3km southwest of Dublin city centre.
