Cashel shopping centre and filling station for €6.5m
Complex has initial yield of 12.1 per cent and offers opportunities to strengthen that figure
Tenants of the shopping centre for sale in Cashel, Co Tipperary, include Tesco and O’Dwyer’s Pharmacy
A modern shopping centre in Cashel, Co Tipperary, along with an adjoining petrol filling station are to be offered for sale by private treaty at €6.5 million.
Joint agents Lisney and Bannon are handling the sale of the complex which will show an initial yield of 12.1 per cent and offer opportunities to strengthen that figure even further.
The shopping centre is the only purpose built retail complex in the town with an overall floor area of 6,537sq m (70,362sq ft) and 342 surface car parking spaces. Anchor tenant Tesco is paying a rent of €565,000 per annum under a long-term lease with a weighted average unexpired lease term of 11.83 years.
Other tenants include O’Dwyer’s Pharmacy and Cordis Cashel Ltd (a subsidiary of Johnson & Johnson) providing an addition rent roll of €92,896.
The centre opened in 2008 and has 2,500sq m (26,910sq ft) of vacant retail space which when let will enhance the returns from the investment.
The overall rent at this stage from the shopping centre is €657,896 with a weighted average unexpired lease term of 10.74 years. Tesco is also paying €163,570 for a stand alone Tesco petrol filling station located between the shopping centre and junction 9 on the M8 motorway. This lease has another eight years to run.
Offers for the shopping centre and the petrol filling station will be considered individually.