Dún Laoghaire’s Pavilion up for sale for €9.6 million
Located just opposite the harbour and the DART station, Dún Laoghaire’s Pavilion development has been placed on the market with a guide price of €9.6 million.
Developed in two phases in 2000 and 2007, the property comprises 10 retail units. Pavilion 1 is occupied by Eddie Rockets, Itsa Bagel, Mao and Viking Marine, as well as a gym, Crunch Fitness, on the lower level. Pavilion 2, meanwhile, has a 2-storey anchor unit for Easons and Costa Coffee, an O’Briens Fines Wines and Go Bonkers Ice Cream.
Income from the retail units on site is approximately €758,000 per annum, reflecting an initial net yield of around 7.5%. This rent is due to increase to over €900,000 upon completion of the final two lettings, providing a 9% yield.
Jacqueline Fitzpatrick of JLL says: “This is an excellent opportunity for an investor to acquire an attractive retail portfolio, which is in demand due to its heavy footfall in a busy town centre with harbour views. The scheme, which we expect will be fully occupied by the end of 2016, will provide an investor with high yielding diverse income with the benefit of a strong tenant line up.”
