€2.2m Galway retail scheme
Joint selling agents TWM and Winters Property Management are quoting a guide price in excess of €2.2m for the Bridge Centre, a 30,000 sq ft retail centre investment opportunity in Clarinbridge, Co. Galway.
Developed in the mid 2000s, the centre comprises of 8 retail units and 2 apartments, laid out over two blocks with car parking. The scheme is currently delivering a total annual rent of just over €225,000 and is 100pc occupied. The Bridge Centre's tenants include Centra, Meadows & Byrne, Clarinbridge Pharmacy, Poppyseed Café and the Clarinbridge Garden Centre. The centre's guide price of over €2.2m indicates a net initial yield of 9.8pc.
The Bridge Centre is situated in Clarinbridge, approximately 17kms south east from Galway City Centre, along the N18 Galway-Limerick National Primary Road. Clarinbridge is a popular commuter town. Its population has doubled since 2006 with the construction of estate type and one-off housing developments. The Bridge Centre forms the main retailing base within Clarinbridge Village.
TWM's Sarah Winters expects strong demand from investors looking for high-yielding investments.
She believes the Bridge Centre will prove to be an attractive lot size for investors enticed by the centre's full occupancy, long Weighted Average Unexpired Lease Term and the strong demand for residential rental accommodation within Clarinbridge.