A Dublin business consortium has paid close to £7 million for the newly opened neighbourhood shopping centre at Navan Road, in Dublin 7. The net initial yield will be 5.4 per cent. Hamilton Osborne King originally offered to sell six of the retail units in The Maple Centre but in negotiations agreed to include two unlet units of 3,000 sq ft and 1,054 sq ft, which are likely to produce a combined rental income of around £100,000 on top of the existing rent of £309,000. Finnegan Menton advised the purchasers.The strong tenant mix in the centre ensured considerable interest in the investment, which was sold by the developer David Arnold. The largest unit, with over 5,500 sq ft, is let to the fast-food chain McDonalds on a 25-year lease at £75,000 per annum. Iceland is the other large tenant, paying a rent of £95,000, while Chartbusters is renting a unit of 3,126 sq ft for £70,000 in the first two years and £75,000 in the three subsequent years. A Spar convenience store has a more felxible arrangement, paying a staggered rent of £30,000, which rises to £35,000 in the fifth year when it has a break option.
O'Brien's Wines rents a store at £30,000, while AIB pays £7,500 for an ATM facility.
