Investments: The first significant investment property to go on the market as the new season gets under way, Woodstown Village Centre at Knocklyon, Dublin 16 is expected to attract considerable interest among private investors.
The Davin Agency is seeking over €7.75 million for the five-year-old retail and commercial portfolio which was built by Ellier Developments, one of the top development companies in the Dublin area.
Davin estimates that when the rent reviews are finalised shortly, the rent roll from the seven ground floor shops and the six overhead commercial units will be around €465,000 - a figure that will provide a net yield of about 5.5 per cent.
Woodstown Village Centre is trading exceptionally well because of the high quality of the development and the good mix of tenants serving a huge captive audience. Ellier has also been responsible for the development of the adjoining houses in Woodstown Village and Hunter's Wood where building work is continuing.
The mix of tenants includes Spar, Chartbusters, Firhouse Credit Union and Mark Ellis Pharmacy. The village centre also accommodates an accountancy practice, a hair salon, a Chinese restaurant, a crèche and a Spar-operated off-licence.
Leases are typically long, full repairing and subject to upwards-only rent reviews every five years.
Peter Brown of Davin says that, with continuing residential development in the Woodstown area, growth in consumer activity is likely to remain buoyant into the future.
Such growth is further reinforced by the centre's convenience to the M50.
The village centre is coming on the market at a time when good commercial investments are particularly scarce.
Low interest rates continue to stimulate demand.
