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
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.
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.