€1.25m Gal­way re­tail in­vest­ment of­fers 11pc yield

Irish Independent - Business Week - - APPOINTMENTS - Ron­ald Quin­lan

Sarah Win­ters of agent TWM is guid­ing a price in ex­cess of €1.25m for the an­chor su­per­mar­ket unit at Tuam Shop­ping Cen­tre in Co Gal­way.

The prop­erty, which is for sale on the in­struc­tions of Ken Tyrell of PwC, ex­tends to 1,880 sq m (20,236 sq ft) at ground-floor level with an­cil­lary first-floor space. It is oc­cu­pied by the well-es­tab­lished, Gal­way-based su­per­mar­ket chain Joyce’s Su­per­mar­kets un­der a 10-year lease from Novem­ber 1, 2010, and is sub­ject to a pass­ing rent of €150,000 per an­num.

Based on the sub­ject prop­erty’s ask­ing price, the prospec­tive pur­chaser can ex­pect to se­cure a net ini­tial yield of 11.06pc (as­sum­ing stan­dard pur­chaser costs of 8.46pc).

Tuam Shop­ping Cen­tre is an es­tab­lished cen­tre within Tuam, eas­ily ac­ces­si­ble to Gal­way

City lo­cated just off the M17/

M18 Lim­er­ick-Sligo Road. The shop­ping cen­tre was con­structed by Tier­nan Prop­er­ties in 2005 and com­prises 11 re­tail units, 15 two-bed­room apart­ments and a 400-space, multi-storey car park.

The su­per­mar­ket, which forms the sub­ject of this sale, is com­ple­mented by a strong mix of re­tail­ers within the cen­tre to in­clude Elvery’s In­ter­sport, Born Cloth­ing, Born Mens, Icon Hair & Beauty and Med­well All­care.

Joyce’s is an in­de­pen­dent fam­ily-run busi­ness which was first es­tab­lished in 1951 and has ex­panded in re­cent years now oper­at­ing eight shops within the Gal­way area, and em­ploy­ing ap­prox­i­mately 360 peo­ple through­out their stores. The ten­ant is not af­fected by this sale.

Sell­ing agent Sarah Win­ters says she ex­pects to see a good level of in­ter­est in the prop­erty from in­vestors.

The sub­ject prop­erty is let to Joyce’s Su­per­mar­kets

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