Shopping centre near Gorey on sale for €4.3m

Mill Retail Park’s €357,000 rent roll and 7.6% yield will rise when vacant space filled

A newly-upgraded retail park on the edge of Gorey town centre in Co Wexford is to be offered for sale through agent CBRE for around €4.3 million.

The Mill Retail Park off the Courtown Road formerly served as a Tesco supermarket. and was redeveloped by the property group Mm Capital. Iceland is now the anchor tenant, trading alongside Maxi Zoo, Choice Homestore and Costa Coffee. Together they produce a rental income of €357,000.

The current yield of 7.6 per cent is due to rise to 9 per cent once a suitable tenant is found for the remaining available unit of 325sq m (3,500sq ft).

The shopping facilities have an overall floor area of 4,060sq m (43,700sq ft) and are serviced by 170 surface car parking spaces. The recently-let units will produce a relatively long-term secure income with a weighted average lease period of 10.2 years.

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Johnny O’Connor of CBRE said he was expecting a good level of interest in what is a high-quality retail investment with a sustainable income close to a high-density residential area.