Crumlin’s Ashleaf Shopping Centre on the market for €10.75m

The selling agent believes the new owner, subject to planning permission, may be able to redevelop upper floors for residential use

An aerial view of Ashleaf Shopping Centre in Crumlin, Dublin

An aerial view of Ashleaf Shopping Centre in Crumlin, Dublin

 

The well-known Ashleaf Shopping Centre in Crumlin, Dublin, has been brought to the market by CBRE for €10.75 million.

Developed originally in 2000, the scheme, which is anchored by Dunnes Stores, currently attracts a footfall of 4.5 million a year, making it one of the most popular retail destinations for the residents of Crumlin and its large network of well-established residential estates.

While the shopping centre is already producing annual rental income of €1,182,729 per annum, there is significant scope to increase that amount through active asset management.

There are nine vacant retail units extending across 3,662sq m (39,424sq ft) and 1,156sq m (12,450sq ft) of office space respectively. CBRE estimates that the estimated rental value for the vacant retail accommodation ranges from €30 to €35 per sq ft, and €12 to €15 per sq ft for the offices, allowing a potential purchaser to grow the existing rental income by €410,000 per annum.

The weighted average unexpired lease term of the current tenant mix, which includes Specsavers, McDonald’s and Lloyds Pharmacy, is 5.27 years.

The shopping centre’s quoting price of €10.75 million equates to a strong net initial yield of 10.14 per cent, and a capital value of €116 per sq ft.

The selling agent believes the new owner may have the opportunity, subject to planning permission, to reposition the centre through the redevelopment of its upper floors to create a residential scheme to complement the existing active retail.

Located at the junction of Cromwellsfort Road and Whitehall Road West, approximately 8km southwest of Dublin city centre and approximately 6km from Tallaght, Ashleaf Shopping Centre comprises of a two-storey shopping centre extending to approximately 16,771sq m (180,526 sq ft) in total, of which approximately 8,564sq m (92,182 sq ft) is subject to this sale.

The scheme is anchored by Dunnes Stores, who occupy a store extending to 8,207sq m (88,344 sq ft) catering for its homeware and grocery offering.

The centre has 600 underground car parking spaces, which can be accessed from a central point in the mall. There is also a food court at first-floor level.

Natalie Brennan and Andre Berg of CBRE say they expect to see “keen interest” in the shopping centre, and believe it will appeal to those investors looking to complete short-term asset management and subsequently benefit from a fully-let scheme.

The potential for a future residential element at the centre is expected to further enhance its appeal to investors.