Two neighbourhood centres at Rathbourne in Ashtown, Dublin 15, and another one at Stepaside in Dublin 18, are expected to attract a considerable interest when they are offered for sale in two separate lots through the Bannon agency.
David Carroll of Bannon is seeking €5.85 million for two shopping facilities at Rathbourne and €1.9 million for the Stepaside centre.
Castlethorn Development developed all three centres as part of large housing estates and is building a further homes in both locations.
The Village and River Centre are two separate retail schemes within the extensive Rathbourne housing development beside Ashtown train station and Phoenix Park. The Village is anchored by an owner-occupied SuperValu and includes 14 other retail and leisure units extending 1,905sq m (20,503sq ft). They are yielding a rental income of €373,000. Occupiers include Lloyds Pharmacy, Douglas and Kaldi, Bombay Pantry, Canal Bar and Geisha Asian Restaurant.
The River Centre, located about 400m from the Village, is considerably smaller with a Spar outlet and a Giraffe Childcare facility. A GP due to rent another unit in the coming weeks will bring the net operating income to €188,000.
The €5.85 million being sought for the two centres will show a return of 9.2 per cent.
Range of units
The third asset at Stepaside, known as Belarmine Plaza, is anchored by Fresh Supermarket and has a range of commercial units over three levels and an overall floor area of 3,398sq m (36,574sq ft). Bannon says the existing net income of €173,000 can be “significantly enhanced” when tenants are found for about 40 per cent of the available space.
The €1.9 million being sought for the centre will show a net income yield of 8.71 per cent after standard acquisition costs are deducted.
David Carroll and Alex Patterson said they are expecting good interest in the three centres given the opportunities to grow the income.
