Sunday 21 January 2018

Shopping centre in Carlow put on the market for €4m

Colliers International are seeking €4m for the Sandhill Shopping Centre in Carlow
Colliers International are seeking €4m for the Sandhill Shopping Centre in Carlow
Peter Flanagan

Peter Flanagan

Colliers International have been retained as agents to dispose of Sandhill Shopping Centre in Co Carlow with an asking price of some €4m.

The property on Hacketstown Road in Carlow is said to be "an established neighbourhood centre".

According to Colliers the centre is "well located" approximately 2km from the town centre.

At its asking price, the centre can be had for a net initial yield of 10pc.

The property is made up of eight external retail units and a restaurant at first floor level, the combined floor area is approx. 27,200 sq. ft. with generous customer surface car parking.

Sandhill Shopping Centre was complete in 2008, is well laid out and of modern construction.

The centre is anchored by Super Valu, other occupiers include a hairdressers, barbers, bakery, pharmacy, restaurant, bookmakers, dry cleaners and additional income from a telecoms mast. There are ten tenancies in total.

The scheme is 100pc let with no vacant units and the property is being sold as an investment, accordingly the tenants are not affected.

"Sandhills is a busy neighbourhood centre on the outskirts of Carlow town enjoying a good tenant mix with long unexpired leases, the property will appeal to an investor looking for an easily managed retail investment," said Colliers' Michele McGarry, who is acting as agent over the sale.

The property has access to the upgraded N9 motorway and is also easily accessible from the Dublin Road or Rosslare Road. Carlow town has a catchment of over 54,000.

"Carlow is a vibrant Town located well within commuting distance of Dublin, with numerous International employers including Oglesby and Butler. Carlow is also a student town with a large Institute of Technology Campus," said the agents.t

Sandhill Shopping Centre is surrounded by the densely populated residential areas on the Hacketstown Road. The centre itself is located on the Pollerton side of the town, an established area that has experienced significant change over the past decade with vast residential development in the area.

This is the latest provincial shopping centre to go on the market this year as buyers begin to look beyond Dublin in seasch of value. At the top end of the market, traffic has been spurred by the successful sale of the "Acorn Portfolio" which was bought by US investment firm Varde last month.

That deal, which saw three shopping centres sold for some €40m above their list price, has put a floor on the market for such properties across the country

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