The area highlighted in red at Fortunestown Shopping Centre that is for sale
€1.6 million for Fortunestown Shopping Centre
Fortunestown Shopping Centre has been put up for sale at €1,6 million by agent Cushman and Wakefield.
With an overall floor area of 714 m² and seven convenience-focused retail units, the Centre is a “neighbourhood retail investment in Southwest Dublin, providing secure, long-term income,” according to the agent.
It’s anchored by SuperValu, which was sold off on a long leasehold basis but contributes towards service charge and insurance for the Centre.
Other long-standing local occupiers represent a mix of retail units and food and beverage uses, including a newsagent, hair and beauty salon, Chinese takeaway, chip shop, and delicatessen.
The two largest tenants by income are Hickeys Pharmacy and Ladbrokes, together accounting for circa 40 percent of the total passing rent and underpinned by a WAULT of 10 years to expiry and 8 years to break.
SuperValu generates “strong footfall” in the Centre according to the agent, as well as other key draws for the locals such as the post office, the Credit Union, and Crough’s pub and restaurant.
On a site of circa 0.52 hectares, the Centre benefits from 80 surface car parking spaces.
Units are well maintained and enjoy strong footfall driven by the significant surrounding residential population.
The Centre’s catchment is of 139,746 people within a 15-minute drive time according to Census 2022.
It’s located in the “well-established neighbourhood centre” of a densely populated suburb approximately 10km Southwest of Dublin City Centre, 1.5km West of Tallaght Town Centre and 1.5km Southeast of Citywest Business Campus.
“The surrounding area is predominantly residential, with the centre serving as a vital commercial hub for the local community,” read the ad.
“This steady stream of patrons enhances the overall trading environment, underpinned by an estimated total purchasing power of €4.703 billion, or approximately €28,865 per capita.”
Within the more immediate catchment of a 15-minute walk, the centre will attract of population of 9,331, including 3,079 families, for a total purchasing power of €157 million or €16,905 per capita.
The area also enjoys an abundance of local amenities including Butler McGee Park, Tallaght Leisure Centre, Mark’s Celtic Football Club, St Mark’s GAA Club, St. Mark’s Primary and Secondary Schools and St. Anne’s Primary School.
The property produces a total annual rent of €180,560. Cushman & Wakefield are seeking offers in excess of €1,6m reflecting a net initial yield of 10.26 percent, assuming standard purchaser costs.
The property’s BER Ratings range from B3 to F.
Commenting on the launch, Adam Ghee of Cushman & Wakefield said, “Fortunestown Shopping Centre presents an opportunity to acquire essential neighbourhood retail scheme in a densely populated residential area. With excellent lease terms, secure long-standing tenants, and a strong local catchment, we expect strong interest from private investors, family offices, and funds targeting stable, long-term income.”
Inspections are by appointment only via the sole agent Cushman & Wakefield. Further information can be found at the data room fortunestown-sc.com.
