Navan shop units next to shopping centre guiding €2.3m-plus

Six shop units beside the main entrance to the busy Navan Shopping Centre are to be offered for sale at a guide price of more than €2.3 million.

Jane Dolan of agents Cushman & Wakefield is handling the sale of the freehold interests in the row of shops and overheads offices at Kennedy Road, which will show a net initial yield of 9.05 per cent after allowing for standard purchasing costs of 4.46 per cent.

The sale has been called on behalf of businessmen Eamon Duignan and Cathal McCarthy, who developed the retail complex in the mid-1990s along with former Fianna Fáil fund-raiser Des Richardson. Duignan and McCarthy also developed the shopping centre.

The Kennedy Road shops trade exceptionally well, and have a weighted average unexpired lease term of more than six years and four years to break options.

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The investment currently produces a rent roll of €217,500 from the six shops and overhead offices, with an overall floor area of 976sq m (10,509sq ft). The original parade of shops also included Supermacs restaurant, which has already acquired its four-unit premises.

O’Briens Wines also occupies two shop units extending to 145sq m (1,569sq ft), paying a rent of €82,500 on an assignment of a 25-year lease from February 1997, with just under five years to run.

Unit 1, with a floor area of 66sq m (715sq ft), was recently let to the Big Apple Fruit Company on a new 20-year lease at €26,000, with a break option in year five.

The other shops are occupied by Enable Ireland, Arthur’s Restaurant Café and Studio One Salon. The overhead offices, extending to 576sq m (6,200sq ft), are rented by chartered accountants Farrell & Scully.