Knocklyon village centre back on market at €3.75m

The successful Woodstown Village Centre at Knocklyon, Dublin 16, which was sold during the property boom in 2006 for more than €8 million, is back on the market at €3.75 million.

Estate agents Bannon are handling the sale for Declan McDonald of PwC who was appointed receiver by the Ulster Bank.

With the centre currently producing a rent roll of around €400,000, a new owner will get an initial return of 10 per cent on their investment after standard acquisition costs of 4.46 per cent are taken into account. The yield will rise to around 11 per cent once tenants are found for two small vacant units.

The centre was developed in the late 1990s by Ellier Developments who subsequently sold it on to the present owner. It is comprised of a split level multi-let scheme accommodating 12 units in all and extending to over 1,567 s q m (16,874 s q ft). Most of the tenants have been in place for long periods. The centre is anchored by a 340 sq m (3,670 sq ft)Spar convenience store which pays a rent of €105,000 under a lease which runs until 2023. The Mark Ellis Pharmacy accounts for a rent of €61,500 for almost half the size of the Spar space. Chinese Fortune pays a rent of €41,000, Dwans Off Licence contributes €40,000 per annum and Red Apple Hair Salon accounts for €37,400 per annum. A ground floor shop with a floor area of 64 sq m (690 sq ft) is one of the two units currently unoccupied.

On the upper floor The Learning Curve Creche occupies t he largest unit of 341 sq m (3,677 sq ft) for which it pays a rent of €37, 290. The other tenants are Curves Gym (€24,000), Tully Ward Accountants (€20,000), Firhouse Cred it Union (€19,000) and Dr Sarah Enright (€15,000).

David Carroll of Bannon says he expect a good level of interest in the centre because of long established nature of the occupier line up and the attractive yield on offer.