Description- Retail Investment Portfolio
- 18 ground floor retail units
- Total passing rent of €672,000 per annum
- Highly reversionary
Originally developed by Shelbourne Developments circa 2005, Belgard Square West consists of 370 residential units and in excess of 100,000 sq. ft. of mixed retail, leisure and restaurant space. The portfolio comprises 18 No. ground floor retail units.
The scheme is by anchored Musgraves (sub-let to Euro Giant) with other high-profile tenants including Boyle Sports, Smiles Dental and Polenez, amongst others.
The portfolio is laid out to provide ground floor retail accommodation, with dual pedestrian access via Belgard Square West and Cookstown Way. The scheme has benefits from ample pay and display car parking.
Belgard Square West is located in Tallaght, which is the largest town in South Dublin with a population of 76,119 as of the 2016 census with the population predicted to grow to 84,000 by 2025. Tallaght is conveniently located in close proximity to the M50, approximately 13km south west of Dublin City Centre. Surrounding suburbs include Firhouse and Clondalkin.
The subject properties are located in the Belgard Square West development, which is situated adjacent to the Square Shopping Centre and the UCI Cinema Complex. The units are located fronting onto Cookstown Way and Belgard Square West.
The Tallaght Luas stop (Red Line) is situated directly opposite the development and provides direct access to O’ Connell Street in 44 minutes. The area is well served by Dublin Bus, with the following routes located on its doorstep ; 27,49,56A,65,75,76 & 76A. Exit 11 of the M50 is situated 4km to the east.
The subject property is multi-let producing a passing rent of €672,000 per annum (with a contracted rent in excess of €930,000 per annum). The investment provides a Weighted Average Unexpired Lease Term (WAULT) of circa 9.5 years with the top three tenants (by rental income) accounting for 72% of the entire passing rent.