An Irish-registered company - M&F Finance (Ireland) - has paid £4.72 million (€6.908 million) for a retail investment at Western Road in Brighton which will produce a net initial yield of 4.31 per cent. The property will be held for private clients and pension funds.
The 439sq m (4,729sq ft) store is rented by Gap at £215,000 (€314,670) per annum, equating to a Zone A rate of £170 (€249) per sq ft. The lease has another 10 years to run.
Fergus Keane of Hamilton Osborne King, who acquired the investment from F&C Property Asset Management, said that while the UK retail market had seen considerable yield compression in the last few years, cities like Brighton represented excellent value because rents were low when compared with similar sized cities.
Over €1.65m for retail and residential investment at Mespil Road in Dublin 4
Lisney is quoting over €1.65 million for a four-storey retail and residential building at 75 Mespil Road, Dublin 4, which is to be auctioned on February 1st. The ground floor area of 96.5sq m (1,039sq ft) sells take-away food while the upper floors are laid out as a five-bedroom home. There is a small yard with double garage to the rear with access from Fleming's Place.
Small sites in Waterford with town centre zoning make over €500,000 each
In Co Waterford, Sherry FitzGerald Reynolds has secured over €500,000 for each of two small sites with town centre zoning. The larger of the two sites extends to 0.47 of an acre while the other plot covers an area of 0.37 of an acre. The adjoining sites were bought by two separate developers.
