Longford retail investment at €6.75m offers net initial yield of 8.45%

Units at N4 Axis Centre occupied by Argos, Halfords, Homestore + More and MaxiZoo

The sale of a number of units at the well-known N4 Axis Centre retail scheme in Co Longford offers investors the prospect of a net initial yield of 8.45 per cent along with excellent opportunities for asset management.

Located at the Red Cow Roundabout on the N4 just outside Longford town, the centre is a modern, regional retail park comprising a mix of shops, warehousing, office space, a gym, and food and beverage operators.

Developed in the 2000s, the retail park is anchored by Homestore + More, Maxi Zoo and Argos, with other offerings from McDonald’s, Esquires Coffee, Pizza Hut and Fresh Today.

The investment, which is being offered for sale on the instructions of joint receivers Declan McDonald and Ken Tyrrell of PwC, comprises eight of the commercial units which includes the anchor tenants. The sale extends to 6,791sq m (73,098sq ft) with 70 per cent of the income derived from Homestore + More, Argos, Maxi Zoo and Halfords.

Agent TWM is guiding a price of €6.75million for the investment, which equates to a net initial yield of 8.45 per cent off the passing rent.

Russell Cleere , who is handling the sale on behalf of TWM, says: “The N4 Axis Centre is a good example of resilient retail that offers a diverse mix of uses that are attractive to investors. The guide price for this sale is well below the replacement cost at approximately €92 per sq ft.”