A wide range of investors, both domestic and international, are expected to express their interest in the sale of Meridian Point in Greystones. Located at the heart of the thriving and fast-growing north Wicklow town, the retail scheme comes fully occupied with a strong tenant line-up which includes Sports Direct, Costa Coffee, Chakra by Jaipur restaurant, the Grafton Barber and the post office. The development and its 180-space car park are being offered to the market on behalf of the Cosgrave Property Group by agent Avison Young at a guide price of €5.5 million.
Meridian Point comprises 20 tenancies in total made up of a mix of uses. The net rent receivable is €582,852 per annum with a weighted average unexpired lease term of 7.05 years to lease expiry and 5.24 years to lease break. Based on the net rent, the guide price offers purchasers a net initial yield of 9.64 per cent along with the opportunity for active asset management to secure future income growth.
Greystones, with a population of 18,000, is a rapidly expanding coastal town within Dublin’s commuter belt. The town’s location and wide range of facilities and amenities, coupled with its road and rail connections to Dublin city make it an attractive residential location.
Quite apart from being the home of the Burnaby, the historic and much sought-after enclave of houses built between 1895 and 1910 on lands belonging to the pioneering author, mountaineer, photographer and film-maker Elizabeth Hawkins-Whitshed, Greystones has in recent decades witnessed several waves of development involving numerous of the country’s leading builders.
Cairn Homes, Glenveagh Homes, Wood Group Homes, D|Res Properties, are just some of those involved in delivering the current crop of new homes in the town and its neighbouring village of Delgany in schemes such as Glenheron, Archers Wood, Marina Village, Seagreen and Eastmount.
Visitors to locality
Developed by the Cosgrave Property Group in 2004, Meridian Point is a well-managed retail scheme with its own 180-space car park. Situated just off Greystones’ main thoroughfare, Church Road, and within walking distance of the town’s Dart station and marina, the centre is well placed to take advantage of the business generated by both the local population and the extensive numbers of weekend and summer visitors.
Fergal Burke of Avison Young says: “Retail assets such as Meridian Point have proven their resilience during challenging times in the market in recent years. This centre is a prime example of the resurgence evident in local neighbourhood shopping, due in part to the shift towards hybrid working and working from home.”