€4.3M ASKING PRICE FOR MILL RETAIL PARK
CURRENT TENANTS WILL NOT BE AFFECTED BY THE SALE OF RETAIL PARK NEAR GOREY TOWN CENTRE
The newly-upgraded retail park situated at the edge of Gorey town centre is for sale through agent CBRE for around €4.3 million.
The Mill Retail Park off the Courtown Road formerly served as Tesco, but was redeveloped by the property group Gorey Capital Limited after Wexford County Council gave the goahead in 2015 to convert the old supermarket store into five separate units.
Four out of five units are occupied with Iceland being the main tenant, trading alongside Maxi Zoo and Costa Coffee, with a new business called Choice Stores to open soon. The businesses produce a rental income of €357,000 per annum.
CBRE selling agent Johnny O’Connor said ‘the sale does not effect the current tenants’.
‘The Mill Retail Park will generate a lot of interest as it is newly refurbished, new strong tenants on market rent with an average lease term of over 10 years,’ said Mr O’Connor.
The guide price of €4.3 million reflects 7.6 per cent net initial return with potential to increase to 9 per cent return when the remaining 3,500 sq ft unit is occupied.
CEO of Gorey Chamber of Commerce Diarmuid Devereux said the sale is a sign that the commercial property market is finally coming out of the recession.
Cathaoirleach of Gorey Municipal District Cllr Joe Sullivan said once jobs are secure, nobody loses their positions, existing businesses continue to trade and new businesses are brought in then everything should be OK.
The shopping facilities have an overall floor area of 43,700 sq ft and is accompanied with 170 car parking spaces.