Clongriffin investment offers 10pc yield
A mixed-use investment in Clongriffin, Dublin 13
Developers Gannons are selling a mixed-use investment in Clongriffin, Dublin 13, which comprises eight commercial units and five residential apartments. Joint agents Knight Frank and Colliers are quoting €1.715m for the properties which are spread between premises on Main Street and Park Avenue in Clongriffin.
Five of the commercial units are occupied and generating €82,135 per annum. The current tenants in situ include a Centra convenience store, a restaurant, barbers and beauty salon and a community hub.
The five apartments consist of three-bedroom apartments, four of which are within blocks on Park Avenue and one which is located in a block on Main Street. The apartments extend on average to 97 sqm (1,040 sqft) and are privately let and generating a gross income of €100,984 per annum.
The agents say that the guide price would equate to a gross yield of 10.1pc and there is further income potential from leasing the three remaining commercial units. The commercial units serve a large community which is still expanding with new homes being delivered in the immediate and surrounding area.
The location has good public transport links to the city centre and surrounding area via the Clongriffin Dart/train station and Dublin Bus.
The agents add that the investment “is nicely diversified and highly reversionary. It offers an incoming owner great asset management opportunities and the ability to improve the income.”
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