Retail investment opportunity at Millers Glen in Swords

Investors looking for a strong rate of return may be interested in a high-performing neighbourhood retail scheme being brought to the market by CBRE, guiding in excess of €3.7 million.

The retail unit at the popular Millers Glen residential development in Swords, north county Dublin, currently produces a net initial yield of about 7.3 per cent, after standard purchasers’ costs of 9.96 per cent. This equates to a capital value of €212 per sq ft.

The recently built scheme boasts a prominent location on the Glen Ellan Road, and comprises of four ground-floor retail units and a creche unit extending to about 1,621sq m (17,448sq ft). Anchored by Centra convenience store (Musgraves), along with McCartan’s Pharmacy, McCartan’s Medical Centre and Just Like Home Childcare, the centre is generating a contracted rent roll of €297,150 a year, with an overall WAULT to break of about 7½ years.

The neighbourhood shopping centre is the dominant retail scheme in the catchment area, and is demonstrating strong trading and occupancy levels, with near 100 per cent occupancy. This can be achieved immediately, through successfully leasing the final remaining unit at Millers Glen, thus offering investors strong reversionary potential.

HSE completes €50m deal for Elmpark office campus in Dublin 4

---

Can the AI boom halt the tech exodus from San Francisco?

---

US investor to offload Cork’s Blackpool Shopping Centre at heavily discounted €49.5m

---

Bids on North Dock offices fall hopelessly short of €130m sought by receivers

---

Barry Fitzpatrick, senior surveyor with CBRE Capital Markets, anticipates strong interest in the development from a range of prospective buyers, both nationally and internationally.

“Investors will benefit from an immediate net initial yield of 7.30 per cent, however, there is scope to increase their returns significantly through the leasing of the one remaining vacant unit,” he said, adding that retail schemes have proven “extremely resilient” in a challenging retail environment.

Retail centres have out-performed all other retail sub-sectors in recent years, according to CBRE, who say that the Irish retail subsector is increasingly sought after by domestic and international investors, as it is considered stable and a good prospect in the current interest environment.