18 retail units at Belgard Square West with guide price of €5.75m

By Brendan Grehan

A PORTFOLIO of 18 retail units at Belgard Square West in Tallaght is on the market with a guide price of €5.75m.

The units are all located on the ground floor, ranging in floor area from 775 sq ft to 15,000 sq ft and extend to about 49,000 sq ft in total.

18 Units at Belgard Square West compressor

The 18 retail units at Belgard Square West

Bryan Garry, from selling agent QRE, says that based on a net operating income of €672,096 per annum, the quoted price equates to a net initial yield of 10.63 per cent allowing for standard purchaser’s costs of 9.96 per cent.

All own-door units fronting onto public footpaths, some face onto the public car park at The Square Shopping Centre – these include Euro Giant, Boyle Sports and Smiles Dental.

The three premises generate more than 70 per cent of the rent and the Euro Giant store is sub-let from Musgraves, whose lease with the landlord runs until December 2030.

In addition to the retail units facing The Square, other units face onto Cookstown Way. The development is adjacent to the Tallaght Luas Stop, and close to the Civic Theatre, county council offices and library. It is also convenient to Tallaght Hospital.

Currently, there are five vacant units within the scheme, totalling about 9,706 sq ft.

Mr Garry says these could provide an incoming purchaser with the ability to grow the rental income by about €195,000.

Shane McCarthy, of KPMG, is the vendor as receiver over the assets of Belgard Square Co-Ownership, which purchased the units from the developer Shelbourne Developments headed by Garrett Kelleher. Shelbourne developed Belgard Square West, including 370 residential units and in excess of 100,000 sq ft of mixed retail, leisure and restaurant space and these generate immediate footfall for the retail units.

QRE says the portfolio is expected to be of interest to high-net-worth individuals, family offices and focused funds, which have experience in asset management and wish to avail of the net initial yield which compares favourably with current low interest rates.

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