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Portfolio of Commercial Units at Kildare Town Centre, Clargate Street, Kildare, Co. Kildare

Investment Property (2,358.00 sqm) For Sale by Private Treaty
of

Price €1,650,000

Location

Kildare Town Centre comprises a modern mixed use development located in the centre of Kildare town just 75 metres west of the Market Square. The property is situated on the south side of Claregate Street, at its junction with Bangup Lane. Kildare town would be considered a commuter town of Dublin and has a population of 9,859 (Census 2016) up 5.7% on the previous census figures. The town benefits from direct access onto the M7 motorway and to railway services into Dublin Heuston providing commute times as quick as 35mins. In recent years, the amenities of the town have improved considerably with the arrival of Kildare Village in 2007 which has continued to improve with the opening of its recent extension. Kildare Village provides an important source of direct and indirect employment in the immediate area. Plans for Phase 3 were announced earlier this year which would bring up to 500 new jobs if developed.

Full Description

The collection of commercial units comprises 14 retail units, 2 office units, 3 kiosks with car parking at lower ground level within the larger Kildare Town Centre mixed use development built circa 2005. The units are arranged over ground, first, and second floors of the development with residential units in separate ownership located overhead. Five of the external units also benefit from lower ground floors that have separate access from the rear service yard of the development. A number of new lettings have been agreed in recent months with three tenancies currently in the process of being formally documented. Tenants in the collection include Kildare County Council (Public Library), the local Post Office, Whelan’s Pharmacy and Specsavers (offices).

Investment Summary:

  • High yielding collection of retail, kiosk and office units within the larger Kildare Town Centre mixed use development built circa 2005.
  • 14 x Retail units, 2 x office units, 3 x kiosk units together with car parking at lower ground level.
  • Entire extends to approximately 2,358sq.m (25,377 sq.ft) GIA.
  • Current passing rent of €232,900 per annum with a WAULT in excess of 6 years.
  • Tenants not affected
  • Offers are sought in excess of €1,650,000 representing a net initial yield of 13.00% after allowing for purchaser’s costs at 8.46%

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    Unit Level  Size ft2  Tenant Contracted Rent Passing Rent L.Start L.Expiry Break Option Comments
    No.1 G.Floor Lower GF 990.28 1,076.39 2,066.67 Private Tenant (Take Away) €10,000 €10,000 01/07/2017 30/06/2027 N/A Stepped Rent: Yr 1 €10,000, Yr 2 €12,000, Yrs 3-5 €15,000
    No.2 G.Floor Lower GF 840.66 699.65 1,540.32 Rachel Kelliher Opticians Limited €10,000 €10,000 In Legals   N/A New letting currently in legals. Stepped Rent: Yr 1 €10,000, Yr 2 €12,000, Yrs 3-5 €15,001
    No.3 G.Floor Lower GF 802.67 699.65 1,502.32 Private Tenant €12,000 €12,000 In Legals   N/A New letting currently in legals. 
    No.4a G.Floor Lower GF 812.67 699.65 1,512.33 C&C Star Limited t/a Eurostar €9,500 €9,500 01/10/2012 30/09/2014 N/A Tenant continues to overhold at €9,500 per annum. Deposit of €2,000
    No.4 G.Floor Lower GF 812.57 699.65 1,512.22 Deane Hair Design Limited €12,000 €12,000 16/12/2003 15/12/2028 N/A Personal Guarantee from the proprietor.
    No.5 G.Floor             1,500.00 Buckley Retail Limited t/a Carry Out Off Licence €17,500 €12,300 19/12/2013 18/12/2038 19/12/2021 No formal abatement documented. 
    No.5a G.Floor                990.28 Private Tenant t/a Café K €22,000 €8,000 01/10/2006 30/09/2026 N/A No formal abatement documented. Discussions ongoing.
    No.6 G.Floor                543.58 Private Tenant t/a McLeans Property Agents €19,600 €10,000 19/12/2003 18/12/2023 N/A No formal abatement documented. 
    No.7 G.Floor             2,088.20 Irish Health Pharm Limited t/a Whelan's Pharmacy €100,320 €35,000 16/12/2003 15/12/2028 N/A No formal abatement documented. 
    No.8 G.Floor                312.15 Private Tenant t/a J&T Barber Shop €5,000 €5,000 In Legals   N/A New letting currently in legals. 
    No.9 & 10 G.Floor             4,922.00 Kildare County Council (Public Library) €80,000 €80,000 01/01/2009 31/12/2043 01/01/2024  
    No.11 G.Floor             1,182.00 Hugo & Cora Ltd t/a An Post €10,000 €10,000 01/10/2006 30/09/2026 01/08/2022 Rent rebased. New deed of variation signed.
    No.12 G.Floor             2,206.60 Vacant €0 €0       Vacant
    Kiosk 1 G.Floor                290.63 Vacant €0 €0       Vacant
    Kiosk 2 G.Floor                172.22 Vacant €0 €0       Vacant
    Kiosk 3 G.Floor                172.22 Vacant €0 €0       Vacant
    1st Flr Offices 1st Flr             1,302.43 Green Leads B2B Ltd €9,100 €9,100 01/01/2014 31/12/2018 N/A  
    2nd Flr Offices 2nd Flr             1,560.77 Specsavers €10,000 €10,000 19/04/2010 18/04/2020 N/A  
    TOTAL            25,376.94   €327,020 €232,900        

    NOTE: The passing rent has a current WAULT in excess of 6.00 years. All interested purchasers are specifically advised to verify tenancy details and floor areas as part of their pre-purchase due diligence.

    Tenure:

    Long Leasehold

    Viewings / Further Information:

     Viewings are strictly by prior appointment only. For further informaiton please contact the joint selling agents Lisney and Conway Auctioneers.

BER Details

BER: B2-G

Solicitor

Arthur Cox

Contact Details

Address: St Stephen's Green House, Earlsfort Terrace, Dublin 2
Telephone: +353-1-638 2700 or you can also email us at dublin@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.