Busy Lucan neighbourhood centre guiding for €6.5m

A strongly performing neighbourhood centre in Lucan, Co Dublin, goes for sale from today at a guide price of €6.5 million, which will show a yield of about 9 per cent.

The Griffeen Centre dates from 2006 and is being sold by Brian Garry of QRE on behalf of a receiver appointed by AIB. It currently produces a rental income of €610,508 from seven retail units, a creche, six office suites, a restaurant, a medical centre and a community centre.

QRE estimates the occupancy rate is 96 per cent. The centre has an overall floor area of 2,972sq m (32,000sq ft).

The highest rent – €145,000 – is paid by Centra, which occupies about a quarter of the retail space. The other tenants include Pizza Hut (€70,000), McCabe’s Pharmacy (€50,000), Giraffe Childcare and BoyleSports.