After being sold during the property boom in 2006 for over €8 million, the popular Woodstown Village Centre in Knocklyon, Dublin 16, has just come back onto the market at just €3.75 million, with the sale being handled by Bannon estate agents. They are working on behalf of Declan Mc Donald, of Pricewaterhouse Coopers, who was appointed receiver by Ulster Bank.
The Centre is currently producing a rent of around €400,000, so a new owner could, therefore, expect to get an initial return of 10 per cent on the investment, once standard acquisition costs of about 4.46 per cent are taken into account. This yield is expected to rise once tenants are found for the two currently vacant units within the Centre. David Carroll, of Bannon estate agents, says he expects a high level of interest in the centre, because of the long-established nature of the occupiers, along with the attractiveness of the yield on offer.
Woodstown Village Centre was developed in the late nineties by Ellier Developments, who also sold it to the present owner. Comprising a split-level, multi-let scheme, accommodating 12 units in all and extending to nearly 1,600 sq. m. (almost 17,000 sq. ft.), the centre is anchored by a 340 sq. m. Spar convenience store, which pays a significant rent of €105,000 under its current lease, which runs until 2023.
Most of the tenants have been in place for extended periods, with rents ranging from about €15,000 (Dr. Sarah Enright) per annum, to about €61,500 (Mark Ellis pharmacy) for a space about half the size of the Spar store, which is the highest rented store in the Centre. Currently, one of the vacant units is a ground floor shop, with a floor area of 64 sq. m.