Kish House in Raheny for sale at €1.95m

A stand-alone retail and office complex in Raheny, Dublin 5, is to be offered for sale through Ross Fogarty of Knight Frank for more than €1.95 million, giving the new owner a return of 9.1 per cent after standard acquisition costs of 4.46 per cent are taken into account.

With five leases in place in Kish House bringing in a rent roll of about €185,625 there is a weighted average unexpired lease term of nine years on the entire block which is close to Greendale Shopping Centre and within 0.35km of Howth Road. The modern three-storey block has four separate retail units on the ground of 376.6sq m (4,053sq ft), which are rented at about €100,625 per annum.

The tenants are Domino's Pizza, Greendale Pharmacy, Starry Garden Chinese restaurant and Frank Jenning's Funeral Home.

There are tiled floors through the retail units along with suspended ceilings, air conditioning and stud wall fitout dividing the various units. The food outlets have fitted kitchens and appropriate venting extracts. All the floor space on the first and second levels extending to 780sq m (8,395sq ft) is let to the Northside Partnership, which is funded by the Government, charitable organisations and private sources. It is paying a rent of €85,000 for its accommodation, which includes an entrance on the ground floor, stairs and elevator. Kish House sits on a site of about 0.51 of a hectare (0.38 of an acre) and has 26 surface car parking spaces and three storage sheds at the rear.