Stradbally Shopping Centre is to be marketed for sale through Lisney with a quoting price of €3,000,000. The sale includes a collection of nine retail units and ten apartments and is being sold as a single lot.
The entire is currently producing a rental income of €284,579 per annum (WAULT of 11 years), offering investors a net initial yield of 9.08%, after standard acquisition costs of 4.46% are allowed for.
The development was built in 2007 and provides for 9 retail units, 15 apartments, and over eighty communal car parking spaces. Five of the apartments were previously sold off individually. The remaining buildings extend to approximately 2,972 Sq.M (31,991 Sq.Ft) in their entirety.
The retail scheme is anchored by DC Supermarkets Ltd trading as Supervalu. Other occupiers include Chemco Pharmacy, An Post, Stradbally Fayre, and The Arch (takeaway) amongst others. The combined income from the commercial element is currently €240,911 per annum.
Each of the overhead apartments has two bedrooms and is laid out over two floors with an average size of approximately 847 Sq.Ft. One of the apartments remains in shell and core condition and is approximately 1,500 Sq.Ft. The total residential income at present is €43,886 per annum, with the average apartment let at €5,460 per annum.
Stradbally is a market town located along the N80 Carlow – Portlaoise route, approximately 12km south east of Portlaoise and 91km south west of Dublin. The town functions as a service centre for the immediate surrounding areas and is known for hosting the Irish Steam Rally annually. In recent years, Stradbally is also home to the Electric Picnic music festival, the gates to which are situated directly opposite the subject property.
Christopher Belton of Lisney commented that
‘…the property will likely appeal to private investors seeking a high yielding but stable level of return. Investors will take comfort in the fact that the majority of rents in the development have been adjusted in recent years to market levels.’