Cushman & Wakefield is guiding €9.6 million for Westside Shopping Centre, a fully let shopping centre in Galway.
Constructed in the 1980s, the scheme comprises 14 units together with a McDonald's Drive Thru and Maxol petrol station, extending to approximately 2,330sqm (25,089sq ft ).
Anchored by Dunnes Stores (41,000sq ft ), the freehold scheme provides the key retail offering to the western suburbs of Galway city and has the benefit of some 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 per cent 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 is seeking offers in excess of €9,600,000, reflecting a net initial yield of 7.25 per cent, assuming standard purchaser costs of 8.46 per cent.
According to Patricia Staunton 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”.