Investors looking to secure a strong initial yield and an immediate opportunity to increase their rental income will be interested in a mixed-use investment in Clontarf, Dublin 3, which is being offered for sale by Hooke & MacDonald at a guide price of €1.6 million.
The property at 48-49 Clontarf Road comes to the market fully-let to nine well-established tenants, with the exception of one office suite which is terms agreed.
While the investment is set to deliver combined rental income of €144,075 per annum once that deal is signed, Conor Steen of Hooke & MacDonald notes that this falls below the building’s current market rental value. He says there is “excellent potential for rental growth at upcoming reviews, particularly taking account of the strategic location”.
Current occupiers include Clontarf Wines, Lotus Boutique, and Lemons Beauty Salon.
Based on the guide price of €1.6 million, the investment offers the prospective purchaser an initial yield of 8.30 per cent.
The property comprises a mid-terrace, three-storey building extending to 504sq m (5,429 sq ft). The property has recently undergone an extensive refurbishment with a complete restoration incorporating repointing and cleaning of the façade, a new roof, double-glazed windows and rewiring. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment.
Numbers 48-49 Clontarf Road overlook the coast in the heart of Clontarf village. Clontarf benefits from excellent transportation routes including Dublin Bus and the Dart. The property is located just 500m from Clontarf Dart station, and 3km from Dublin city centre.
