Gorey retail park on the market for €4.25m

Irish property investment and development group MM Capital is bringing the Mill Retail Park in Gorey, Co Wexford, to market seeking €4.25 million.

The park, which has five retail units, is located on the outskirts of Gorey town centre, about 500m from Main Street, the town’s main shopping thoroughfare. Irish home store Choice Homes is the largest tenant at the retail park, occupying two units with a lease expiring in 2033 and a term-certain of about 6.4 years. Iceland, Maxi Zoo and Polonez occupy the remaining three main units.

The park is 100 per cent occupied at present with total rent of €396,320 a year, and the weighted average unexpired lease term is 6½ years to break options and 11.4 years to expiry.

The asking price of €4.25 million (exclusive of VAT) reflects a net initial yield of 8.48 per cent assuming standard purchaser costs of 9.96 per cent. There is also scope for commercialisation in the car park to increase the rent receivable.

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The scheme extends to about 4,152sq m (44,694sq ft) with about 160 surface car spaces on a site area of about 1.42 hectare (3.5 acres).

The park is split across five retail units ranging from 276sq m (2,966sq ft) to 1,505sq m (16,200sq ft) and contains an additional 168sq m (1,811sq ft) Costa Coffee pod in the car park.

Peter Love, of selling agent Cushman & Wakefield, described the sale as "an opportunity to acquire a fully occupied retail park which caters for an extensive catchment area in the east of Ireland".

“Mill Retail Park boasts an excellent profile on the edge of Gorey town centre, which is complimented by a strong mix of national and international brands,” he said.

Despite the impact of the Covid-19 pandemic on the retail sector, activity remains strong in the retail park side. Last month, Munich-based investor AM Alpha acquired Nutgrove Retail Park in Dublin in an off-market deal for about €65 million.

Mill Retail Park was last up for sale in 2018 when it came to the market seeking €4.3 million.