Fully-let south Dublin mixed-use investment sold for 56% above guide price

With private investors still seeking an attractive return for their cash reserves relative to deposit rates, the recent sale of a fully-let mixed-use investment in south Co Dublin unsurprisingly saw strong interest from a range of parties.

Having been offered to the market by agent Lisney at a guide price €1.4 million, number 62-63 Mounttown Road Lower in Glenageary was sold for €2.185 million following a highly-competitive process involving 45 inquiries, which resulted in 19 bids from eight parties. The purchaser stands to secure a net initial yield of 5.54 per cent on their investment.

The subject property briefly comprises a two-storey mixed-use building extending to 501.71sq m (5,400sq ft). The part ground floor of the building’s front consists of a retail unit currently trading as Allcare Pharmacy. The remaining ground floor space and the entirety of the first floor, meanwhile, comprises 4,747sq ft of office space let to three tenants. The entire property is 100 per cent occupied and was generating a passing rent of €133,129 per annum at the time of sale.

Commenting on the deal, Thomas Byrne of Lisney said: “This investment attracted strong interest from mainly private purchasers with cash reserves. Following its sale a number of unsuccessful bidders are now seeking similar opportunities.”