Investments:A highly successful leisure centre at Charlesland in Greystones, Co Wicklow, is to be sold as an investment through CB Richard Ellis.

Robert Murphy of the agency is quoting over €9 million for the three-year-old Charlesland Leisure Centre which, like the adjoining residential scheme, was developed on a joint venture basis by Ballymore Properties and Mountbrook Homes.

The detached two-storey building stands on a site of 0.527 hectares (1.0304 acres) and includes more than 80 car-parking spaces.

Part of the ground and first floors are let to the Jackie Skelly Fitness chain at a rent of €392,240 per annum under a 25-year lease with 22 years still to run. The remainder of the ground and first floors are occupied by Zoom Adventure under another 25-year lease at a current rent of €80,000 per annum.

The combined rent of €472,240 will show an initial yield of 4.65 per cent after costs. There is also scope to increase the rent roll by fitting out the basement and letting it to appropriate traders.

Charlesland is set to grow rapidly in the coming years and, according to CBRE, there will be almost 3,000 homes within a 10-minute walk of the leisure centre. The Charlesland area has already witnessed a significant growth in population since the arrival of the Dart service and the adoption of a local area masterplan. As well as new residential schemes, the area is to get a large mix of retail, office and other commercial space exceeding 170,000sq m (1.8 million sq ft).

Robert Murphy says the leisure centre will attract a high level of interest because of the quality of the tenants and the fact that Charlesland is set to grow rapidly over the coming years.