€1m Malahide Rd property offers 9.2pc net intial return

16 February 2017

 The property, which is let to the First Stop Tyres service centre on a 25-year full repairing and insuring (FRI) lease from December 14, 1998, is producing a current rental income of €96,500 per annum, reflecting an attractive net initial return of 9.2pc, based on standard acquisition costs of 4.46pc.

A detached garage facility extending to 479 sq m (5,159 sq ft), it incorporates a ground-floor office block to the side, with additional mezzanine storage, situated on a site of approximately 0.27 acres. There is ample customer/staff car parking to the front of the property.
 
The building benefits from an eaves height of 4.68m, while access to the garage is via three standard-grade roller shutter doors to the front of the building and another to the side. 
 
The garage has a small internal office/customer area along with kitchenette, toilet and storage facilities to the rear and further mezzanine storage area above.
 
Planning permission was granted in 2014 by Dublin City Council for change of use from existing car garage, office and storage to retail premises comprising two units of 23 sq m (1,324 sq ft) and 317 sq m (3,412 sq ft).
 
Planning permission has also just been granted next door for a substantial mixed-use development of 11,394 sq m (122,643 sq ft), consisting of a two- to three-storey convenience retail store, café/restaurant, retail workshop and six- to seven-storey nursing home facility.