When it last came for sale at a guide price of €5.75 million in late 2019, Belgard Square West was delivering a net operating income of €672,096. With five of its 18 units vacant at that point, the Tallaght retail scheme promised a net initial yield of 10.63 per cent, a capital value of just €117 per sq ft, and asset management potential.
Built originally in 2005 by Garrett Kelleher’s Shelbourne Developments as part of the wider Belgard Square West scheme which comprises 370 residential units and mixed retail, leisure and restaurant space, the 18 units being offered for sale are all located at ground-floor level and range in size from 72sq m to 1,400sq m , for a total of 4,550sq m of retail space.
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