Ashleaf Shopping Centre Guiding €10.75 Million
Dublin 05 June 2019 – CBRE are launching Ashleaf Shopping Centre in Crumlin to the market, for sale by Private Treaty. The shopping centre was originally developed in 2000 and is successfully anchored by Dunnes Stores. Other notable tenants in the centre include Specsavers, McDonalds and Lloyds Pharmacy. The shopping currently produces an annual rent roll of approximately €1,182,729 per annum and a weighted average unexpired lease term (WAULT) of 5.27 years. The quoting price of €10,750,000 represents a net initial yield of 10.14% and a capital value of €116 per sq. ft. This asset is well positioned to benefit from strong reversionary potential through active asset management. A new owner may have the opportunity (SPP) to reposition the centre through redevelopment of upper floors to create a residential scheme to complement the existing active retail.
Ashleaf Shopping Centre is a busy local centre that serves a large network of well-established residential estates. The development is situated on the junction of Cromwellsfort Road and Whitehall Road West, approximately 8 km southwest of the city centre and approximately 6km from Tallaght. Ashleaf’s surrounding area is well serviced by a number of Dublin Bus routes including a Quality Bus Corridor on the Crumlin Road. The wider area also benefits from a number of stops on the Luas Red line and is less than 8 minutes’ drive from the M50 Motorway. The immediate area also benefits from being located within close proximity to a number of primary and secondary schools as well as a number of sports clubs such as Templeogue & Crumlin GAA Club.
The centre was constructed in 2000 and comprises of a two-storey shopping centre extending to approximately 16,771 sq. m (180,526 sq ft) in total, of which approximately 8,564 sq. m (92,182 sq. ft) is subject to this sale. The scheme is anchored by Dunnes Stores who occupy a store extending to 8,207 sq. m (88,344 sq. ft). catering for their homeware and grocery offering. Other established tenants in the centre include Lloyds Pharmacy, Specsavers, Starbucks and McDonalds Restaurant.
Ashleaf Shopping Centre currently attracts a footfall of 4.5 million per annum. The location of the centre and its level of convenience to the locality has proven to be a key driver in footfall figures year on year. The shopping centre is laid out to provide mainly ground floor retail accommodation, with dual pedestrian access via Whitehall Road West and Cromwellsfort Road. The centre has the benefit of 600 underground car parking spaces which can be accessed from a central point in the mall. There is also a food court located at first floor level.
There are 9 vacant retail units in the scheme which comprises approximately 3,662 sq. m. (39,424 sq. ft.) and 1,156 sq. m. (12,450 sq. ft.) of office space respectively. We would estimate that the ERV for the vacant retail accommodation ranges from €30-€35 per sq ft whereas €12 - €15 per sq. ft for the offices, allowing a potential purchaser to grow the income by approximately €410,000 per annum.
CBRE are anticipating keen interest in Ashleaf Shopping Centre. In 2018 the overall investment spend was €3.79 billion of which the retail investment spend accounted for 14% of market. The centre is performing very well and serves the surrounding catchment of Crumlin. The scheme is supported by a strong anchor and a complimentary tenant mix. The scale of the centre means that it can be easily managed. The scheme will appeal to those who are looking to complete short term asset management and subsequently benefit from a fully let scheme. The possibility of a future development angle to the centre subject to planning permission creates further opportunity for investors
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie