Guiding price in excess of €3.7m sought for Millers Glen retail scheme
Retail unit which is anchored by a Centra convenience store, alongside a pharmacy, medical centre and creche has a contracted rent roll of €297,150 a year
Print21 February 2024
A high-performing neighbourhood retail scheme in Swords, north county Dublin, was recently brought to the market by CBRE, guiding in excess of €3.7 million, The Irish Times reports.
The retail unit at the Millers Glen residential development currently produces a net initial yield of approx. 7.3%, after standard purchasers’ costs of 9.96%; equating to a capital value of €212 per sq ft.
With a prominent location on the Glen Ellan Road, the scheme includes four ground-floor retail units and a creche unit extending to approximately 1,621sq m (17,448sq ft).
Anchored by a Centra convenience store, along with McCartan’s Pharmacy, McCartan’s Medical Centre and Just Like Home Childcare, the centre is generating a contracted rent roll of €297,150 a year, with an overall WAULT (weighted average unexpired lease term) to break of about 7½ years.
The neighbourhood shopping centre is the dominant retail scheme in the catchment area, and has near 100% occupancy. There is only one final remaining unit at Millers Glen yet to be leased.
Barry Fitzpatrick, senior surveyor with CBRE Capital Markets, has anticipated strong interest in the development from a range of national and international prospective buyers.
“Investors will benefit from an immediate net initial yield of 7.30%, however, there is scope to increase their returns significantly through the leasing of the one remaining vacant unit,” he said, with retail schemes proving “extremely resilient” in a challenging retail environment.
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