Galway Shopping Centre Investment Opportunity
Cushman & Wakefield are guiding €9.6 million for Westside Shopping Centre, a fully let shopping centre in Galway.
Constructed in the 1980’s, the scheme comprises of 14 units together with a McDonalds Drive Thru and Maxol petrol station, extending to approximately 2,330 sq m (25,089 sq ft). Anchored by Dunnes Stores (41,000 sq.ft), the freehold scheme provides the key retail offering to the western suburbs of Galway City and has the benefit of over 280 surface car parking spaces. The Dunnes Stores unit, along with some other units have been sold off on a long leasehold basis.
The shopping centre currently produces an annual net operating income in excess of €750,000, with approximately 40% of the income secured by national covenants, including: McDonalds, Maxol, BoyleSports and the Driving Test Centre (OPW).
The centre has a weighted average unexpired lease term to break in excess of 13.75 years and will offer investors numerous asset management opportunities.
Sales agents Cushman & Wakefield are seeking offers in excess of €9,600,000 reflecting a net initial yield of 7.25%, assuming standard purchaser costs of 8.46%.
According to Kevin Donohue of Cushman & Wakefield – "Westside Shopping Centre offers investors an opportunity to acquire a high yielding asset, with the benefit of long dated income and numerous asset management opportunities to enhance returns"
For further information contact:
Director - Head of Investment
+353 1 639 9234