Eyre Square, Galway’s leading shopping centre, is due to be brought to the market by Colliers. Developed by McInerneys in 1991, it remains the city’s premier retail destination comprising over 70 retail units and kiosks attracting approx. 270,000 visitors a week.
Eyre Square is a leading shopping centre, providing the perfect mix of modern retail space and large floor plates in an iconic, landmark building. The centre also has the benefit of direct access to 450 car parking spaces in Eyre Square car park. The building forms part of a combined shopping centre with both Corbett Court and Edward Square Shopping Centre, with access provided directly from Eyre Square, Williamsgate Street and Castle Street. Anchored by Penneys and Dunnes Stores, the centre enjoys a strong mix of local, national and international retailers.
The centre was subject to considerable investment by Marathon, who undertook a substantial capital expenditure and refurbishment programme to provide a redesigned entrance from Eyre Square together with the development of modern retail units and a restaurant.
The sale comprises eight retail units, control of the centre together with the freehold common area units. The eight retail units boast a strong tenant lineup, including JD Sports, Great Outdoors, Specsavers, Diesel, Starbucks and Vero Moda. The units are currently producing a €869,200 per annum with a WAULT of approx. 6.24 years to break. An incoming investor will have an opportunity to immediately increase the rent roll on letting the two vacant units.
The Common Area Units comprise a number of short and long term rolling licence agreements to include various kiosks, store rooms, telecoms masts and general mall income. They are located over both floors of the centre with a current rent roll of €160,202 per annum. The units have enjoyed a consistently high occupancy rate, with average income over the last five years of region €220,000 per annum. Kiosk operators include Cafe? Express, Mark Twain and Over The Moon, with store rooms predominantly occupied by larger retailers who have a presence in the centre. The mast income is from well-known providers; - Meteor Mobile, Esat Digifone and Vodafone.
Michele McGarry, Capital Markets, who is handling the sale on behalf of Colliers is expecting to see significant interest from investors given the attractive yield and high profile of Eyre Square Shopping Centre.
“Furthermore, with the current strong demand from both international and domestic buyers and the rarity at which we see good quality product in Galway and indeed in all locations West of the Shannon, we expect solid demand for Eyre Square,” he said.
Colliers is guiding €12,750,000, which equates to a NIY of 7.34% and reversionary yield of 8.64%, after allowing for standard purchaser’s costs.
