Enniscorthy shopping centre cornerstone for €850,000

Abbey Square unit over three levels is let to Eurogiant for at least €80,000 per annum

Abbey Square shopping centre in Enniscorthy, Co Wexford: It is thought the  purchaser will have the option of becoming a shareholder in the   centre
Abbey Square shopping centre in Enniscorthy, Co Wexford: It is thought the purchaser will have the option of becoming a shareholder in the centre

An anchor store in the Abbey Square shopping centre in Enniscorthy, Co Wexford, goes on the market today at a guide price of €850,000 through Cushman & Wakefield and Sherry FitzGerald O'Leary. At that valuation, the net initial yield would be 9 per cent.

The anchor unit is set over three levels with the basement and first floor levels, which are served by a lift, currently in use as storage and staff facilities. The building has an overall floor area of 1,511 sq m (16,264 sq ft) with about half the space on the ground floor.

The unit is let to Eurogiant on a 15 year lease from October, 2016, at a rent of either €80,000 per annum or 6 per cent of turnover, whichever is greater. There is a tenant break option in years 6 and 11. It is understood that the eventual purchaser will have the option of becoming a shareholder in the Abbey Square shopping centre.

Peter Love of Cushman & Wakefield said they were expecting a high level of interest in the store because of its attractive lot size and the ever increasing demand for retail investments.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times