Offers of about €3 million are being sought for the Boulevard Shopping Centre in Bray, Co Wicklow, which goes for sale today on the instructions of joint receivers Kieran Wallace and Louise Ryan of KPMG.
Michele McGarry of Collier International is handling the sale of the two-storey complex which has an overall floor area of 2,325sq m (25,000sq ft) including six ground floor retail units and office space at first floor level. There is also a health store held on a long lease.
Office space
All six retail shops including units occupied by Tesco, Fás and Wicklow Citizens Information Bureau are currently producing a rental income of €238,150. Tesco is paying €120,000 for its shop which has another 11 years to run on the lease.
Michele McGarry says that with 91 per cent of the rent roll coming from Tesco and the Exchequer, investors can feel comfortable with the offering and the net return of 7.6 per cent. There was also potential to increase the overall income by leasing the office space on the first floor.
The Boulevard centre is located in a busy shopping area between Bray Dart station and the main street.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/2f89f249-f5ec-442f-a46d-7ccea1465bd5.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/6BDEAESQEJH4BHNFRSVZH3W4TM.png)