Monday 17 June 2019

Ashleaf centre given a €10.75m price tag

Ashleaf Shopping Centre
Ashleaf Shopping Centre
Donal Buckley

Donal Buckley

The Ashleaf Shopping Centre in Crumlin in south west Dublin has come to the market with a €10.75m guide price. The sale includes retail, office units and a pub but does not include the anchor store, which is owned and operated by Dunnes Stores.

A purchaser could expect initial annual rents of around €1,182,729 which represents a net yield of 10.14pc. Its price equates to a capital value of €116 per sq ft.

Natalie Brennan, of agents CBRE, says the purchaser through asset management could also increase rental income as it has strong reversionary potential.

Subject to planning permission the upper floors could be redeveloped as residential units. At one time its Submarine pub with its galleries were well known but it is now vacant and agents are quoting rents of about €80,000 for it.

Originally developed in 2000 by Garry Smith, the two-storey shopping centre extends to 180,526 sq ft, of which 92,182 sq ft is included in this sale with the other space owned by Dunnes. There are nine vacant retail units which comprise about 39,424 sq ft. It also has 12,450 sq ft of office space, most of which is vacant but it has two office tenants. The vacant retail space could generate rents of around €30-€35 per sq ft and the offices €12-€15 per sq ft, which Ms Brennan says could add a further €410,000 to annual income.

Tenants include Specsavers, McDonald's and Lloyds Pharmacy.

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