TWM presents Unit 216 Eyre Square Shopping Centre to the market. This is a rare opportunity to acquire a retail unit within the city centre shopping centre.
At present the unit is fully let to Now Newsagents Ltd t/a The Card Shop. The investment with a contracted annual rent of €131,900 under a 35-year lease which commenced in May 1991. The lease benefits from upwards only rent reviews.
Eyre Square Shopping Centre is an established shopping centre situated in the centre of Galway city comprising more than 70 shop units with a mix of local, national and multinational retailers including Penneys, JD Sports, Diesel, Jack & Jones, Starbucks, Vero Moda, Specsavers and Dunnes Stores. The centre is laid out over two floors and links with Corbett Court to the north and Edward Square to the east. Additionally, the shopping centre has the benefit of direct access to 450 car parking spaces in the adjacent Eyre Square Car Park. The subject property occupies a prominent position on the second floor of the centre and extends to 116sq m (1,249sq ft ) which is laid out to provide predominantly retailing floorspace with some office/storage accommodation to the rear.
TWM is seeking in excess of €1.0 million which reflects an attractive net initial yield of 12.0% off the contracted rent (assuming standard purchaser costs of 9.96% ).
Sarah Winters and Josh Dowds at TWM are expecting good interest in the property. Mr Dowds commented that the investment is underpinned by the well positioned real estate in Galway city centre and as a result, together with the short term remaining on the lease, he expects to have good interest from a wide range of purchasers both investors and owner occupiers.
