Shopping Centre purchased for €7.8 million
By Maurice Garvey
A PRIVATE Irish investor has bought Orwell Shopping Centre in Templeogue, for €7.8 million, in excess of the €7.5m that was guided by agents CBRE, reports Maurice Gavey.
The fully-let centre is anchored by SuperValu and produces a net rental income of €537,000, which suggests a gross initial yield of about 6.9 per cent and a capital value of about €326 per sq ft.
IOrwell Centre planning permission allows for expansion
CBRE said there was strong interest from both private investors and real estate companies, including those who were attracted by its development potential.
SuperValu’s accommodation includes its 7,883 sq ft ground-floor store and 6,780 sq ft of offices on the first floor.
In all, Orwell Shopping Centre’s combined floor area extends to 23,853 sq ft.
The mix of tenants includes a pharmacy, butchers, hairdresser and newsagent. SuperValu accounts for almost half of its rental income. Its income includes €31,800 from two telecom masts.
Most of the centre is single-storey and is situated on a large site with a generous car park which provides about 95 surface car-parking spaces.
It is considered to have development potential subject to planning permission.
The SuperValu section is the only part that is two-storey, while the parade of other retail units is single-storey.
A current planning permission until 2020 allows for the extension of the scheme to increase the retail space at ground-floor level and provide additional office space at first-floor level.