TWM brings the anchor supermarket unit in Tuam Shopping Centre to the market, for sale on the instructions of Ken Tyrrell, PwC. The subject property forms the anchor unit within the centre and extends to approximately 1,880sq m (20,236 sq ft ) at ground floor with ancillary first floor space. It is occupied by the well-established Galway based supermarket chain, Joyce’s Supermarkets, under a 10-year lease from November 1, 2010, subject to a passing rent of €150,000 per annum.
Tuam Shopping Centre is an established centre in Tuam, easily accessible to Galway city and located just off the M17/M18 Limerick-Sligo road. The shopping centre was constructed by Tiernan Properties in 2005 and comprises 11 retail units, 15 two bedroom apartments, and a 400 space multi-storey car park. The supermarket, which forms the subject of this sale, is complemented by a strong mix of retailers within the centre including Elvery’s Intersport, Born Clothing, Born Mens, Icon Hair & Beauty, and Medwell Allcare.
Joyce’s is an independent family run business which was first established in 1951 and has expanded in recent years, now operating eight shops in the Galway area, and employing approximately 360 people throughout these stores. The tenant is not affected by this sale.
The subject property is laid out to provide a large retail floor space to include a full bakery, butcher, delicatessen, and hot food counter sections, together with ancillary storage, office, and staff facilities.
Sarah Winters at TWM is seeking in excess of €1.25 million which reflects an attractive net initial yield of 11.06 per cent (assuming standard purchaser costs of 8.46 per cent ). Ms Winters says she expects a good level of interest in the property, given the attractive lot size, from investors who will be enticed by the high yields and asset management angles.
For full details contact TWM, Dockgate, Galway, phone 091 458 987 or see www.twmproperty.ie