Property advisors CBRE have this month offered Orwell Shopping Centre in Templeogue for sale by Private Treaty.
The centre is currently producing a net rental income of approximately €537,000 per annum with a WAULT in excess of 9.2 years. The asset is being launched to the market at a guide price of €7.5 million reflecting a net initial yield of 6.6% and a capital value of €314 per sq. ft.
CBRE say Orwell Shopping Centre has strong reversionary potential and longer-term development potential subject to planning permission.
Located in Templeogue, the centre is surrounded by large housing estates such as Templeogue Wood, Glendown, Cypress Downs, Wellington and others. There is no direct competition within the immediate area. The property is situated on a large site which benefits from a generous car parking provision, with approximately 95 surface car parking spaces.
SuperValu make up almost 50% of the current passing income and have a WAULT in excess of 11 years across a number of leases. The mix of tenants throughout the scheme are complementary to SuperValu, and include a pharmacy, butchers, hairdresser, and news agents.
Speaking this month, Associate Director of Capital Markets at CBRE, Sandra Walsh said, "We anticipate strong interest for Orwell Shopping Centre which offers investors an excellent investment opportunity to acquire a long income profile, with a large proportion backed by a high preforming anchor. The centre also has longer term development potential, subject to planning permission."
Source: www.businessworld.ie
