Enniscorthy shopping centre cornerstone for €850,000

An anchor store in the Abbey Square shopping centre in Enniscorthy, Co Wexford, goes on the market today at a guide price of €850,000 through Cushman & Wakefield and Sherry FitzGerald O'Leary. At that valuation, the net initial yield would be 9 per cent.

The anchor unit is set over three levels with the basement and first floor levels, which are served by a lift, currently in use as storage and staff facilities. The building has an overall floor area of 1,511 sq m (16,264 sq ft) with about half the space on the ground floor.

The unit is let to Eurogiant on a 15 year lease from October, 2016, at a rent of either €80,000 per annum or 6 per cent of turnover, whichever is greater. There is a tenant break option in years 6 and 11. It is understood that the eventual purchaser will have the option of becoming a shareholder in the Abbey Square shopping centre.

Peter Love of Cushman & Wakefield said they were expecting a high level of interest in the store because of its attractive lot size and the ever increasing demand for retail investments.