Charlesland Neighbourhood Centre for sale at €4.9m

A neighbourhood centre is the fast-growing commuter town of Greystones is on the market at €4.9 million through agent Bannon. This would reflect an initial yield of 10 per cent.

The Charlesland Neighbourhood Centre, which comprises a Supervalu store and eight adjoining retail units over 1,579sq m (17,000sq ft), is producing a rent roll of €510,000 but this could increase when a standalone pub/leisure block in the centre is let.

Almost half of the rent flows from anchor tenant Supervalu, which has more than 13 years left on its lease, while other occupiers include Health Express Pharmacy, Boyle Sports, Charlesland Medical Centre and Pizza Hut.

Terms are also agreed on the last remaining retail units with a takeaway restaurant and a letting agreed with a dentist to take 320sq m (3,440sq ft) on the first floor.

When these lettings are finalised, the entire centre will have a weighted average unexpired lease term of about 10.17 years.

The standalone three-storey pub/leisure block extends to 1,394sq m (15,000sq ft) and comes with full vacant possession. “This block could be adapted to a wide variety of uses subject to planning permission,” according to Bannon.

Greystones has seen substantial residential growth over the past decade with most of this in the Charlesland and adjoining Eden Gate areas. Developer Cairn is expected to start work shortly on 450 new homes in Charlesland having got the green light from Wicklow County Council.

The neighbourhood centre, which extends to 3,716sq m (40,000sq ft), has an adjoining car park accessed via a lift and travellator and benefits from a further basement “overflow” car park to give 250 spaces in total.