Mixed-use investment in Greystones town centre guiding €5.5m

The sale of a mixed-use investment in the thriving town of Greystones, Co Wicklow, offers buyers the opportunity to secure a 5.19 per cent net initial yield with scope for further income arising from the property's development potential.

Joint agents Cushman & Wakefield and McGovern Estates are guiding a price of €5.5 million for the Watson & Johnson Centre, a fully-occupied retail and office scheme located on Greystones’s main thoroughfare, Church Road.

Extending to a total area of 1,091sq m (11,750sq ft), the subject property comprises a two-storey building. The centre is occupied at ground level by a range of tenants including Apache Pizza, Escape Boutique, Zero One Salon, Vincent’s and Brereton Carpets.

The first floor is accessed off Church Road and is let to a number of separate occupiers including a solicitor’s practice and a yoga studio. The property is fully occupied, in good condition throughout, and is currently producing a net operating income of €314,000 per annum.

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Extension

The centre also includes a car park to the side with 26 surface car spaces. This provides development potential subject to planning permission and part of same was formerly utilised as a petrol station.

Planning permission was granted previously for alterations and a new commercial extension to the existing centre at both ground- and first-floor levels comprising a new ground floor retail of 141 sq m (1,518sq ft), a new first floor office of 292 sq m (3,143sq ft), a change of use from retail to office for part of the existing first floor along with alterations to the existing elevations and the provision of four three-bedroom apartments with balconies on the second floor.

The Watson & Johnson Centre has extensive frontage on to Church Road and is located immediately opposite Burnaby Park.

Joint agents Cushman & Wakefield and McGovern Estates say: “This sale presents a unique opportunity to acquire a prime mixed-use investment asset which is located in the heart of Greystones.”