Mixed-use investments in Co Westmeath anchored by Eurospar

Eurospar agreed new 10-year leases in both developments last year

 

Two retail and residential investments anchored by Eurospar in Co Westmeath are fresh to the investment market this week through joint agents Cushman & Wakefield and Sherry FitzGerald Tom Fox.

Eurospar agreed new 10-year leases in both developments last year, and its leases are guaranteed by BWG Group.

The first asset, Kinnegad Town Centre, is guiding more than €2 million which equates to a net initial yield of 8.31 per cent. It comprises the Eurospar anchor unit, six other ground floor shops (five of which are occupied) and seven first-floor apartments. These residential units, six two-beds and one one-bed, are vacant but are fitted out and ready for occupation. There are 50 car-parking spaces to the side and rear of the development.

Kinnegad Town Centre is producing a rent roll of €173,560, but this could rise significantly if and when the vacant units are let.

Also part of the sale is Rochfortbridge Village Centre which includes the Eurospar anchor unit extending to 1,002sq m (10,785sq ft) and five other ground-floor shops, a crèche, pub and eight overhead apartments.

It is set over three blocks with a large surface carpark to the rear.

The apartments include one three-bed, five two-beds and two one-beds. These have separate access and are fitted out ready for occupation.

Rochfortbridge Village Centre, available for €1.5 million at a net initial yield of 9.07 per cent, is producing a rent roll of €173,560. This could increase substantially when six vacant apartments and three empty shops are let.