€3.7m for Dunboyne retail centre

The main retail hub in Dunboyne, Co Meath, is to be sold as an investment. Catherine Connolly of DTZ Sherry FitzGerald is quoting €3.7 million for the Green Commercial Centre which is producing a rent roll of €358,488.

At this income a new owner can expect a net initial yield of 9.2 per cent.

The centre is comprised of two blocks extending to 2,435 sq m (26,219 sq ft) separated by an access road leading to a car park. The investment is anchored by Eurospar who are trading on a 35 year lease from 2005. Additional tenants include Verve Gyms, the Property Shop, Your Local Pharmacy and la Bucca Restaurant.

DTZ says whoever buys the centre will be able to avail of a number of asset management initiatives. Dunboyne was one of Dublin’s fastest growing satellite towns before the property crash. Further development of new housing estates is expected to resume in the coming months.