TWM brings Unit 217 in Eyre Square Shopping Centre to the market. This is a rare opportunity to acquire a retail unit in this busy shopping centre. The unit is fully let to Vero Moda (Galway ) Limited with a parent company guarantee in place to Bestseller Wholesale AS. The investment produces an annual rent of €151,700 and has more than eight years unexpired on the original 35 year lease which commenced in May 1991. The lease benefits from upwards only rent reviews.
Eyre Square Shopping Centre is an established shopping centre situated in the centre of Galway city comprising more than 70 shop units with a mix of local, national, and multinational retailers including Penney’s, New Look, JD Sports, Mothercare, Specsavers, and Dunnes Stores. The centre, which was recently refurbished, is laid out over two floors and links with Corbett Court to the north and Edward Square to the east. Additionally, the shopping centre has the benefit of direct access to 450 car parking spaces in the adjacent car park.
The subject property occupies a prominent position on the second floor of the centre and extends to 140.93sq m (1,517sq ft ) which is laid out to provide predominantly retailing floorspace with some office/storage accommodation to the rear.
Bestseller was founded in 1975 and today has more than 1,600 shops in 27 countries employing approximately 12,000 people. Bestseller’s products are sold in Europe, the Middle East, and China and has brands under the names of Vero Moda, Only, Object, Vila, Name It, Selected, and Jack & Jones, among others.
TWM is seeking in excess of €1.6 million which reflects an attractive net initial yield of 8.74 per cent (assuming standard purchaser costs of 8.46 per cent ). Sarah Winters at TWM is expecting good interest in the property due to the excellent tenant covenant and strong rental income.
Sarah Winters commented that the investment was underpinned by the well positioned real estate in Galway city centre and as a result, together with the benefit of upwards only rent review provisions, she expected to have good interest from a wide range of purchasers.
For full details contact TWM, Dockgate, Galway phone 091 458 987 or see www.twmproperty.ie