Maple House, a landmark property located on a prominent corner position directly opposite Stillorgan Village Centre at the entrance to the renowned Kilmacud Crokes GAA club has been sold by BNP Paribas Real Estate for €5,200,000.
The modern three storey mixed use development extends to 1,111.4 sq.m (11,963 sq.ft) with 19 car space to the front and rear and is fully let producing €335,788 per annum across 3 tenancies with KBC Bank, PAX Asset Management and Durkan New Homes and with supplemental telecom mast income. All tenancies are held under long FRI leases with WAULT 5.3 years.
The Vendor, a Private Company, has held the investment since early-1990s when it was developed. It is understood that a company associated with well-known personal finance advisor, Paul Merriman, of “Ask Paul” is the purchaser with another company associated with Merriman. “PAX Asset Management” already a tenant in the building. The sale price of €5,200,000 means the new owner, will enjoy a Net Initial Yield of c 6%, after allowing for typical purchasers costs of 9.96%.
Stillorgan Village is currently undergoing somewhat of a “renaissance” with works well advanced by Kennedy Wilson on the old Leisureplex site for a mixed use scheme including 232 residential units with a substantial retail and F&B offering, while Cairn Homes holds live planning permission on the opposite “Blakes Corner” site for 377 residential units. Both developments along with the recent upgrading of the Village Centre act as endorsements for Stillorgan both as a place to work and live.
Fearghal Lynam, BNP Paribas Real Estate handled the sale on behalf of the vendor confirmed there was good interest in Maple House and follows a trend that BNP Paribas Real Estate are seeing where well-let properties with strong covenants in good suburban locations are being sought after by private investors. These Investors, mostly Irish, are seeking higher returns and prepared to manage voids as leases expire and take comfort from good suburban locations of the properties and as more suburban working patterns emerge post covid.
Press Release Contact:
Ellen Browne, Business Coordinator
ellen.browne@bnpparibas.com
