Griffeen Centre in Lucan, Dublin on sale at guide price of €6.6m
6 June 2023
Neighbourhood retail centre, the Griffeen Centre in Lucan, Co Dublin, is available for sale after being brought to the market by joint agents Colliers and Bannon at a guide price of €6.6 million.
Located on the Griffeen Road in Lucan and in the centre of an established residential area, the Griffeen Centre comprises a retail-led neighbourhood scheme extending to 26,900sq ft. The Irish Times reports that the retail centre incorporates a grocery anchor, creche, medical centre, restaurant and five office suites. A surface level car park at the front has 94 car-parking spaces.
More than 95% occupied, the centre produces overall rental income of about €682,000 annually with a weighted average unexpired lease term of just over 5.88 years. Musgraves Ltd (trading as Centra), Giraffe Childcare Ltd, McCabe’s Pharmacy, Boylesports and Pizza Hut comprise the current tenant line-up.
The selling agents state there is also an opportunity to add further value by letting the scheme’s two vacant office suites and to increase the rental income through a number of lease regears.
The investment’s €6.6 million guide price equates to a net initial yield of 9.4% and a capital value of €245 per sq ft.
“We expect to see strong interest in this sale given the mix of high-yielding income underpinned by strong covenants,” said Stephen Conway of Colliers. “And there is a real opportunity to enhance value through a number of initiatives that will drive rental growth.”