Monastery Shopping Centre on the market with a guide price of €1.85m

MONASTERY Shopping Centre has gone to market with a guide price of €1.85 million.

Estate agent Lisney has brought the Clondalkin centre to market and is seeking offers in excess of the guide price.

The investment property is assembled in a high-profile parade of 11 single storey retail units with a car parking area.

The car park is tarmacadam covered and facilitates 29 car parking spaces and two spaces for disabled parking.

There is a total income of €167,000 a year from six tenants across seven tenancies.

Units 1 and 2 as well as Units 7 and 8 have been amalgamated over the years while others have been split.

A couple of the units remain vacant, with scope there to potentially increase income through leasing Units 5A and 5B.

That income is set to increase to €171,000 per annum within the next four years with fixed rental uplifts already agreed.

There is a weighted average unexpired lease term of just shy of six years with the tenants at the shopping centre.

€12,000 gross income is collected through the carpark and there is further information available on request in this regard for potential purchasers.

The gross internal area comes to around 596sq.m, 19 percent of which is vacant at the time of the listing being published online.

Overall, the total site area measures out to 0.45 acres and is zoned VC for Village Centre. In the South Dublin County Development plan, lands zoned VC are included in the objective to develop and renew areas in need of regeneration.

Objective VC is “to protect, improve and provide for the future development of Village Centres”.

Tenants at Monastery Shopping Centre, which include Mao, Down Syndrome Ireland, Westend Barbers and Washing Machine Co, are not affected by the sale according to Lisney.

The site is BER C1 certified.