TWM brings to the market a thriving shopping centre investment opportunity in the expanding suburb of Oranmore, Galway. OranTown Centre, which was developed in the late 1990s, extends to approximately 45,000sq ft and comprises 35 retail and office units, laid out over two floors, with the benefit of 230 car spaces.
OranTown Centre is anchored by Nestor’s SuperValu, a franchisee of the Musgrave Group, which owns part of its occupied unit. Other tenants within the centre include An Post, Apcoa Parking, and Coillte, along with local retail, service, and office occupiers. The centre is currently producing a total annual rent of just over €540,000. One of the keys to the success of the centre has been the ease of access for shoppers with significant parking, which stands at 189 surface spaces and 41 spaces at basement level, together with the food, convenience, and service offering.
OranTown Centre is situated in Oranmore, a popular suburb of Galway city, approximately 11km east of Galway city centre along the old Galway – Dublin road.
Together with commercial developments within the village, OranTown Centre forms the main retail base in the locality.
The selling agent TWM is quoting a guide price in excess of €5.25m which will provide an attractive net initial yield of 9.83 per cent. Sarah Winters of TWM, who is handling the sale, said: “While the centre provides a strong income base with an average unexpired lease term of over 12 years and low vacancy rate of just over 11 per cent, it also offers plenty of asset management opportunities to enhance it and potential for immediate rental growth therefore increasing investment returns.”
For more information contact Sarah Winters or Rosemary Casey at 091 458987, or see twmproperty.ie