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Waterford centre could generate over 10pc

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Broad Street, Waterford

Broad Street, Waterford

Broad Street, Waterford

A mixed-use investment known as the Broad Street Centre in the heart of Waterford city centre is for sale with a guide price of more than €5m.

It generates a passing annual rent of €587,008 and selling agent Ross Fogarty, of Knight Frank, says the guide price would deliver a net initial yield in the order of 10.68pc, allowing for standard acquisitions cost of 9.96pc.

"About 65pc of the scheme's 30,000 sq ft is occupied with opportunities to generate significant further income by letting of the remaining vacant space," Mr Fogarty adds.

Located on pedestrianised Broad Street, the centre comprises a three- storey over basement level mixed-use scheme providing about 13,498 sq ft of retail space and approximately 16,283 sq ft of office accommodation.

Originally developed in 1988, it accommodates seven occupied own-door retail units at ground level.

Its retail units on Broad Street are occupied by H Samuel, Mountain Warehouse and Footlocker. The other retail units are on Patrick Street and Little Patrick Street. Total net ground floor retail unit footprint is about 906.9 sq m.

Its upstairs is devoted to office and storage accommodation. AIB is among the office tenants.

About 10,627 sq ft of office space is vacant, but Mr Fogarty says there are advanced negotiations on about 335.6 sq m (3,612 sq ft) of this space.

Office rents range between €10 and €15 per sq ft.

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