Ashbourne Town Centre Co.Meath€11,500,000 For Sale 16,357.00 sqm approx
Anchored by Tesco (does not form part of sale), High Street Ashbourne offers superb international and national brands complimented by a mix of local independent retailers offering an appealing range of healthcare, essential and leisure uses. Key tenants include HSE, McDonalds, New Look, Lifestyle Sports, Boots, Card Factory, O'Brien's Fine Wines and Euro Giant.
The property is situated in the heart of Ashbourne town centre, ideally located adjacent to Tesco, Dunnes Stores, Super Valu and LIDL. The scheme enjoys a wealth of amenities with easy access to Dublin and the surrounding areas with public transport links through a selection of bus routes and access to a range of road networks including the M50 via the M2.
Ashbourne has experienced substantial growth in the past decade and is now firmly established as the major residential and commercial hub for Co. Meath. The recent increase in employment and residents in the town has improved the town centre's performance and this is likely to continue with a number of further developments completed or under construction such as Churchfields, Archerstown Demesne.
The opportunity encompasses the entirety of Killegland Street and Desmond Street and has the benefit of a mix of surface and basement parking along with a multi storey car park. The centre was constructed between 2003 & 2007 in five phases and comprises approx. 176,000 sq ft in total. Ashbourne HSE Primary Care Centre also anchor the scheme and are in occupation on a long term lease until 2037.
The centre has an occupancy rate of approx. 75% and a Weighted Average Unexpired Lease Term (WAULT) of 7.8 years to break option and 9.4 years to expiry with a total passing rent of €1,642,388 pa. There is significant asset management potential to increase the rent receivable and improve the net operating income with 8 deals currently agreed and in legals along with a negotiations ongoing on another unit. This would increase the rent receivable to approx. €1,800,000 pa and the occupancy rate to 83%.
Cushman & Wakefield are quoting an attractive guide price of €11,500,000 exclusive of VAT, reflecting a net initial yield of 12.99%, assuming standard purchaser costs of 9.96%. Should the units in legals complete in the coming months, it will reflect a net initial yield of 14.21%.