SuperValu in Pavilions, Swords on sale for €27m
18 June 2020 | 0
SuperValu’s premises in the Pavilions Shopping Centre in Swords, has been placed on the market by Savills on behalf of owners Aviva, at a guide price of €27 million.
The 4,522sq m (48,674sq ft) store is let to Musgrave Operating Partners Ireland Limited on a 25-year lease from September 2005, leaving a weighted average unexpired lease term of 10.28 years.
The Irish Times reports the current rent roll is €1.8 million per annum, and this is subject to an open market rent review every five years or a review that is based on the consumer price index, whichever is greater.
The prospective purchaser would be able to secure a net initial yield of 6.1%. However, this is set to rise with the next rent review due in September.
The Pavilions Shopping Centre is north Dublin’s largest retail destination with over 500,000sq ft of retail and leisure space. With an estimated annual footfall of 12 million, it is anchored by SuperValu, Dunnes and Penneys, alongside 96 retail shops and restaurants, an 11-screen cinema and 2,000 car parking spaces.