Wexford town shopping centre goes on market for €2.25m

Redmond Square, which is being sold by receivers, is producing rent of €213,731

Ten of the 14 retail units in Redmond Square in Wexford town are rented

Ten of the 14 retail units in Redmond Square in Wexford town are rented

 

Redmond Square Shopping Centre, which occupies a prominent location in Wexford town, goes on the market today at a guide price of €2.25 million.

Joint agents Cushman & Wakefield and Fenelon Properties are handling the sale on behalf of Grant Thornton who were appointed receivers to the management company.

Ten of the 14 retail units are currently rented and producing a rent roll of €213,731 which will give the new owners a net initial yield of 9.09 per cent after allowing for standard acquisition costs of 4.46 per cent.

As well as the four unoccupied shops, the centre also includes a vacant cinema with three large screens, a lobby and toilets extending to 1,019sq m (10,969sq ft). The cinema fronts on to a fully operational car park with 269 spaces which is producing a rental income of €45,200.

Tenants in the shopping centre and first floor offices include Hidden Hearing, Vision Care, Sports Factory Outlet, Unique, National Driver Licence Service Centre and the Brian Hall-O’Mahony Dental Practice. The portfolio also includes a first floor office at 48 North Main Street with over 142sq m (1,535sq ft) which is let at a rent of €9,996 to Scurri, the online shipping service for e-commerce businesses.

Peter Love of Cushman & Wakefield said he was expecting a high level of interest in this investment/redevelopment opportunity due to the attractive location, lot size and increasingly strong demand for retail investments.

“This investment offers excellent rental growth prospects with a unique opportunity to acquire a large floor plate suitable for multiple uses in the centre of Wexford town,” he said.