It was announced today that CBRE are launching Ashleaf Shopping Centre in Crumlin to the market for sale by Private Treaty.
The shopping centre was originally developed in 2000 and is successfully anchored by Dunnes Stores. Other notable tenants in the centre include Specsavers, McDonalds and Lloyds Pharmacy.
The shopping currently produces an annual rent roll of approximately €1,182,729 per annum and a weighted average unexpired lease term (WAULT) of 5.27 years. The quoting price of €10,750,000 represents a net initial yield of 10.14% and a capital value of €116 per sq. ft.
CBRE say this asset is well positioned to benefit from strong reversionary potential through active asset management. A new owner may have the opportunity (SPP) to reposition the centre through redevelopment of upper floors to create a residential scheme to complement the existing active retail.
Ashleaf Shopping Centre is a busy local centre that serves a large network of well-established residential estates. The development is situated on the junction of Cromwellsfort Road and Whitehall Road West, approximately 8 km southwest of the city centre and approximately 6km from Tallaght. Ashleaf’s surrounding area is well serviced by a number of Dublin Bus routes including a Quality Bus Corridor on the Crumlin Road.
The wider area also benefits from a number of stops on the Luas Red line and is less than 8 minutes’ drive from the M50 Motorway. The immediate area also benefits from being located within close proximity to a number of primary and secondary schools as well as a number of sports clubs such as Templeogue & Crumlin GAA Club.
Ashleaf Shopping Centre currently attracts a footfall of 4.5 million per annum. CBRE say the location of the centre and its level of convenience to the locality has proven to be a key driver in footfall figures year on year.
According to the selling agents, "CBRE are anticipating keen interest in Ashleaf Shopping Centre. In 2018 the overall investment spend was €3.79 billion of which the retail investment spend accounted for 14% of market. The centre is performing very well and serves the surrounding catchment of Crumlin. The scheme is supported by a strong anchor and a complimentary tenant mix. The scale of the centre means that it can be easily managed."
They added, "The scheme will appeal to those who are looking to complete short term asset management and subsequently benefit from a fully let scheme. The possibility of a future development angle to the centre subject to planning permission creates further opportunity for investors."