Meath investor pays €12.5m for High Street Ashbourne

The Star Stone Property Group, a Meath-based investor, has acquired the High Street Ashbourne retail scheme for in excess of €12.5 million.

The price paid represents a 9 per cent premium on the €11.5 million price that agent Cushman & Wakefield had been guiding when it offered the investment to the market in May of last year. The scheme was sold on the instructions of receivers Declan Taite and Brendan Hanratty of Kroll. BHSM LLP Solicitors acted on behalf of the receiver in the sale.

Developed between 2003 and 2007, the centre, which extends to 176,000sq ft (16,350sq m), is situated in the heart of Ashbourne, and is located next to Dunnes Stores, SuperValu and Lidl. The investment takes in the entirety of Killegland Street and Desmond Street and has a mix of surface and basement parking along with a multi-storey car park.

Anchored by Tesco (not part of the sale), High Street Ashbourne is occupied by a range of national and international brands along with a mix of local independent retailers. Key tenants include the HSE, McDonald's, New Look, Lifestyle Sports, Boots, Card Factory, O'Brien's Fine Wines and Euro Giant.

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At the time of its sale, the centre had an occupancy rate of approximately 75 per cent and a weighted average unexpired lease term (WAULT) of 7.8 years to break option and 9.4 years to expiry, with a total passing rent of €1,642,388 per annum. The HSE’s Ashbourne Primary Care Centre anchors the scheme and is in occupation on a long-term lease until 2037.

The scheme’s new owners plan to expand its food and beverage, fashion, medical and office offerings.