Phibsborough corner full of investment potential

A mixed-use investment on a prominent Phibsborough corner in Dublin 7 is on the market for €675,000 through Knight Frank, which would reflect a net initial yield of 8.46 per cent.

No 89 Phibsborough Road is producing a rent roll of €61,905 from three ground-floor retail/professional services units and four residential units overhead. One retail unit is vacant, so there is scope to increase the income stream.

Commercial tenants, including Justin Hughes Solicitors, The Chop Shop and Kate's Atelier, pay a combined rent of €42,225 per annum while the remainder of the rent comes from the residential tenants.

Commercial and residential

The commercial space extends to 141sq m (1,518sq ft) with individual units ranging from 28-80sq m (301-861sq ft) while the residential space totals 120sq m (1,292sq ft) with a typical unit size of 30sq m (323sq ft).

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This location, at the corner of Phibsborough Road and Connaught Street, is beside the Phibsborough shopping centre which is the subject of a €50 million redevelopment plan from MM Capital. The centre is anchored by Tesco Metro and other retailers in the area include McDonald's, Eddie Rockets, Camile Thai, Four Star Pizza, Hickey's Pharmacy and EuroGiants.

The area is set to get a boost soon when the Luas Cross City line, which has a stop at Broadstone about 10 minutes’ walk away, opens later this year.

No 89 was run for many years by the local McGuinness family as an off-licence and wine merchants.