Malahide retail investment for €2.35m

A newly redeveloped retail building which has just been let to Boots pharmacy in the north Dublin village of Malahide is to be offered for sale as an investment through estate agent Michael Turley.

Offers in excess of €2.35 million are being sought for the two-storey terraced building.

It has been leased by the UK multiple on a standard 15-year full repairing and insuring lease from August with a tenant break option at the end of year 10. The investment will show a return of just under 6 per cent after allowing for costs of 4.46 per cent.

The ground floor has an L-shaped retail area extending to 337sq m (3,627sq ft) with a convenient rear access for deliveries.

Village

There is a further 132sq m (1,416sq ft) at first-floor level which is to be used as a stores, office and staff canteen.

There is a lift to the first floor to handle stock and wheelchair access to the ground floor.

Boots has agreed a rent of €140,000 per annum for the first five years,€150,000 from years five to 10 and €160,000 from years 10 to 15.

The new Boots store is located on Church Street in the centre of Malahide, a thriving village that attracts a considerable number of visitors right through the year.

The Boots project was handled by a small group of local investors.

Boots employs a staff of 1,450 in Ireland and had a turnover of €285 million and a profit of €20 million in 2014.