Minaun Capital, a property investment vehicle established by the founder of online auction specialist BidX1 Stephen McCarthy, has acquired the Mill Retail Park in Gorey, Co Wexford.
The €4.35 million paid by Minaun reflects a net initial yield of 8.25 per cent and represents a slight premium of 2 per cent on the €4.25 million which had been sought by MM Capital when it offered the scheme for sale last November.
Johnny O’Connor of BidX1 represented the purchaser, while Peter Love of Cushman & Wakefield acted for the vendor.
Located on the outskirts of Gorey town, Mill Retail Park comprises five retail units ranging from 276sq m (2,966sq ft) to 1,505sq m (16,200sq ft). The scheme contains an additional 168sq m (1,811sq ft) Costa Coffee pod in the car park.
Irish home store Choice Homes is the largest tenant, occupying two units with a lease expiring in 2033 and a term-certain of about six years. Iceland, Maxi Zoo and Polonez occupy the remaining three main units.
The park is 100 per cent occupied at present with total rent of €396,320 a year, and a weighted average unexpired lease term (WAULT) of around six years to break options and just under 11 years to expiry.
The scheme extends to about 4,152sq m (44,694sq ft) with about 160 surface car spaces on a site area of about 1.42 hectare (3.5 acres).
Commenting on the deal, Johnny O’Connor of BidX1 said: “Minaun Capital is delighted to have acquired The Mill Retail Park and is seeking to purchase further commercial assets across a range of sectors for its newly incorporated property investment fund.”
