Mixed-use Lusk investment offers return of over 8pc

A mixed-use investment in Lusk, Co. Dublin with the prospect of an 8.3pc return has come to the market with a €2.25m guide price.

Located at 69 Main Street in the burgeoning coastal town, the property comprises four retail units and four apartments in two blocks with a small car park and service area to the rear. The fully-let properties are let at a contracted annual income of €186,564.

Their established commercial tenants include a pharmacy, a barber and two takeaway restaurants with Wault (lease lengths to expiry) averaging 9.5 years.

Ross Fogarty of selling agent Knight Frank says that the “income profile is very attractive for private investors/ personal pensions” given its well-established, long-term Wault and diverse nature. He also points to its “strong reversionary” potential to increase rental income.

Two retail units are located at ground floor in each block and these range in size from about 784 sqft to 981 sqft. All units benefit from traditional fitted shop fonts, w/c facilities and rear access.

All of the apartments are located at first-floor level and comprise three one-bedroom units and one two-bedroom apartment. Each is fitted with two bathrooms and well-appointed kitchens and double-glazed windows. Each unit also benefits from their own private terrace to the rear of each apartment. With rear access provided between the blocks there is parking for about seven cars.

BER ratings from range from B1 to D1. Heating is provided by way of gas-fired central heating throughout the scheme and there are some ancillary air-handling units in sections of the retail premises.

Lusk is located in an area of natural beauty about 20km northeast of Dublin city centre. The town is fast growing, with numerous recent large residential developments both completed and under construction to include Lusk Village Quarter, Clonrath and Rathmore, Dun Emer and Scholars Walk.

Within the city’s commuter belt, the town has also seen the expansion of commercial activity within its core and the delivery of new schools and educational facilities.

It also benefits hugely from its proximity and accessibility to Dublin Airport and Swords with their surrounding industries, providing an easy commute for the very many who are employed there. Rush/Lusk train station also provides ease of access into the city centre, and there is good arterial road connectivity to the M1 and onwards to the M50.

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