Retail Development:The five-year-old Charlesland shopping centre and leisure complex in Greystones, Co Wicklow, is for sale for €30 million. Jack Faganreports.
An interesting retail and leisure investment comes on the market today when the five-year-old Charlesland shopping centre and leisure complex in Greystones, Co Wicklow, goes for sale by private treaty.
Robert Murphy of CB Richard Ellis is guiding €30 million for the two facilities which are producing a combined rental income of €1,129,750.
There is scope to increase the income in the short term. The portfolio is producing an initial yield of 3.3 per cent, rising to 4.9 per cent when three remaining units are leased.
The Charlesland development serves a vast new area in Greystones which is set grow even faster over the next few years.
Almost 2,000 houses have already been completed in Charlesland and Eden Gate and several more major schemes are in the pipeline.
About 100 acres beside the centre has also been zoned for a business park next to where the IDA plans to open a 100,000sq m (1,076,390sq ft) Science and Technology Park.
Two of Ireland's leading developers, Mountbrook Homes and Ballymore Properties, have promoted the Charlesland development which was greatly helped by the extension of the DART service to Greystones.
The service is to be extended further in the coming years to service a larger hinterland.
The shopping centre has a floor area of 3,803sq m (41,000sq ft) and is anchored by Superquinn with a store of 1,163sq m (12,500sq ft). Other tenants are Boyle Sports, Health Express Pharmacy and Godfather Pizza.
The leisure centre, where facilities include a 20m swimming pool, is almost fully occupied by Jackie Skelly Fitness, one of the top fitness and leisure companies on the east coast.
CB Richard Ellis says that the three shop units still available in in the scheme would suit a newsagent, hair and beauty salon and a DVD/video operator.
The Charlesland centre also includes a bar, restaurant, medical centre, creche and office accommodation.
