Orwell Shopping Centre has guide price of €7.5m

By William O’Connor 

PLENTY of interest is expected in the Orwell Shopping Centre in Templeogue which was put on the market for sale by private treaty this week.

The well-established development is on the market at a guide price of €7.5 million reflecting a net initial yield of 6.6 per cent and a capital value of €314 per sq ft.

Orwell Shopping Centre in Templeogue

Orwell Shopping Centre has strong potential and longer-term development potential subject to planning permission.

The thriving neighbourhood centre which is anchored by SuperValu extends 2,216 sq. m. (23,853 sq. ft.) and comprises nine retail units which are 100 per cent occupied.

The centre is currently producing a net rental income of approximately €537,000 per annum.

Orwell Shopping Centre is a busy local shopping hub and serves a very large network of residential estates that includes Templeogue Wood, Glendown, Cypress Downs and Wellington.

There is no direct competition within the immediate area and the property is situated on a large site which benefits from a generous car parking provision, with approximately 95 surface car parking spaces.

SuperValu who trade very strong from the location provide an excellent anchor driving the scheme, they make up almost 50 per cent of the current passing income.

“We anticipate strong interest for Orwell Shopping Centre which offers investors an excellent investment opportunity to acquire a long income profile, with a large proportion backed by a high preforming anchor.

“The centre also has longer term development potential, subject to planning permission” said Sandra Walsh, Associate Director, Capital Markets at selling agents CBRE.