Agent Cushman & Wakefield is guiding a price of €1.2 million for Archway House, a fully let investment on Malahide Road in Swords, Co Dublin.
Located in the heart of Swords town centre and adjacent to the Pavilions Shopping Centre and Swords Central, the subject property briefly comprises a three-storey mixed-use building of 560sq m (6,024sq ft) consisting of a retail unit on the ground floor with offices on the first and second floor.
Smiles Dental occupy the 208sq m (2,245sq ft) ground-floor retail unit on a 15-year lease expiring in November 2029 at a passing rent of €48,000 per annum. There are five-yearly open-market rent reviews and no breaks. Smiles Dental is a leading provider of dental care, having been established in Dublin 2005 and currently has 20 locations throughout Ireland.
Jigsaw Youth & Mental Health occupy the 207sq m (2,235sq ft) first-floor office on a 15-year lease which started in September 2022 at a passing rent of €42,500 per annum. There are five-yearly open-market rent reviews and a tenant-only break option in September 2028. Jigsaw Youth & Mental Health is funded by the HSE and has 14 locations throughout Ireland.
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The 143sq m (1,544sq ft) second-floor office is occupied by Motivational Weight Management on a 20-year lease expiring in August 2035, at a passing rent of €22,000 per annum. There are five-yearly open-market rent reviews and a tenant-only break option at the expiry of year 10. Motivation Weight Management is an Irish-owned company that has been in business for nearly 30 years, employing more than 40 people across its nine clinics nationwide.
The current total rent is €112,500 per annum, providing a weighted average unexpired lease term of 9.8 years to expiry and 4.4 years to break. The €1.2 million price being guided for the investment represents a net initial yield of 8.53 per cent.
Peter Love, of Cushman & Wakefield, says: “This investment offers the purchaser the opportunity to secure income from a mix of tenants in a prominent location in the heart of Swords at a very attractive price.”
