Sunday 17 December 2017

€1.9m for Cork shopping centre with rent growth potential

Charleville Town Centre, Cork
Charleville Town Centre, Cork
Ronald Quinlan

Ronald Quinlan

Agents Lisney are seeking €1.9m for Charleville Town Centre, a modern shopping centre investment in Charleville, Co. Cork, offering prospective purchasers "significant asset management enhancement potential".

Completed in 2008 at a cost of €20m, the scheme extends to 3,524 sq m (37,932 sq ft) with 450 car spaces in a multi-storey car park. The development comprises 17 retail units from 800 sq ft to 3,165 sq ft, eight office units between 650 sq ft and 2,852 sq ft over its ground and first floors, and one two-bedroom duplex apartment of 850 sq ft.

Charleville Town Centre is anchored by Dunnes Stores, who own their unit. Other tenants within the scheme include Unicare Pharmacy trading as Lloyds Pharmacy and Elvery Sports. Lloyds Pharmacy (Unicare) currently delivers a rent of €180,000 per annum exclusive with 16 years remaining on its lease.

With the exception of Lloyds Pharmacy and Elvery Sports, the scheme is predominantly unlet, providing what the agents describe as "significant asset management upside". Charleville Town Centre is being offered for sale by private treaty in one or two lots for €1.9m. Offers for the scheme and Unicare investment can be considered individually. The asking price equates to a net initial yield of 9pc.

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