There are further signs this week of the property investment market loosening up with the forthcoming sale of a retail and office complex at Main Street in Blanchardstown, Dublin 15. Stefan Foster of Gunne is quoting a guideline price of £2.8 million for Deanstown House, a 12-year-old commercial building which is currently producing rents of £212,500 per annum. The guide price would equate to a net yield of 7 per cent. The two-storey building has a floor area of 9,700 sq ft which is let to tenants including the ESB, Abrakebabra and Xtravision. The Blanchardstown Area Parnership rents the office at £17 per sq ft. There are 30 car-parking spaces on site.
In Drumcondra, Hamilton Osborne King is seeking over £550,000 for three twostorey and one single-storey buildings at 32 to 38A Lower Drumcondra Road, which is multi-let. The agents estimate that the current rent of £29,980 could be increased to over £45,000 per annum.
The same agents are quoting £895,000 for The Mortgage Store at 8 Main Street, Blackrock, Co Dublin. Four tenants, including a subsidiary of the Bank of Ireland, are paying rents of £45,000 per annum on long leases.
