Property adviser CBRE is guiding €7.5 million for Orwell Shopping Centre in Templeogue, Dublin 6W, which is for sale by private treaty.
The thriving neighbourhood centre is anchored by SuperValu and produces a net rental income of €537,000, with a weighted average lease period to run over nine years. The new owner can bank on a net initial yield of 6.6 per cent and a capital value of €314 per sq ft, according to CBRE. The centre has a strong reversionary potential and longer-term development potential subject to planning permission.
The Orwell extends to 2,216sq m (23,853sq ft) and has nine fully rented retail units. SuperValu is an excellent anchor to drive the centre, making up almost 50 per cent of the rental income and with more than 11 years to run on a number of leases. The mix of tenants is complementary to the anchor and include a pharmacy, butchers, hairdresser and news agent.
SuperValu trades strongly from the location, which is surrounded by large housing estates such as Templeogue Wood, Glendown and Cypress Downs.
Sandra Walsh of CBRE describes the Orwell centre as “an excellent investment opportunity” with longer term development potential subject to planning permission.
