Orwell Shopping Centre - An Excellent Retail Investment Opportunity

Orwell Shopping Centre, anchored by SuperValu is offered for sale at a guide price of €7.5 million.

Dublin 3rd October 2018 –Property advisors CBRE are delighted to offer Orwell Shopping Centre in Templeogue for sale by Private Treaty. The thriving neighbourhood centre which is anchored by SuperValu is situated in a vastly populated residential location, serving an extensive catchment population. The development which extends 2,216 sq. m. (23,853 sq. ft.) and comprises 9 retail units is 100% occupied. The centre is currently producing a net rental income of approximately €537,000 per annum with a WAULT in excess of 9.2 years. The asset is being launched to the market at a guide price of €7.5 million reflecting a net initial yield of 6.6% and a capital value of €314 per sq. ft. Orwell Shopping Centre has strong reversionary potential and longer-term development potential subject to planning permission.

Orwell Shopping Centre is a busy local shopping hub and serves a very large network of well-established residential estates. Located in Templeogue, the centre is surrounded by large housing estates such as Templeogue Wood, Glendown, Cypress Downs, Wellington and others. There is no direct competition within the immediate area. The property is situated on a large site which benefits from a generous car parking provision, with approximately 95 surface car parking spaces.

SuperValu who trade very strong from the location provide an excellent anchor driving the scheme, they make up almost 50% of the current passing income and have a WAULT in excess of 11 years across a number of leases. The mix of tenants throughout the scheme are complementary to SuperValu, and include a pharmacy, butchers, hairdresser, and news agents. The strong tenant mix and 100% occupancy demonstrates the excellent match of Orwell Shopping centre to the needs of its extensive direct catchment.

Sandra Walsh, Associate Director, Capital Markets
We anticipate strong interest for Orwell Shopping Centre which offers investors an excellent investment opportunity to acquire a long income profile, with a large proportion backed by a high preforming anchor. The centre also has longer term development potential, subject to planning permission.
Sandra Walsh, Associate Director, Capital Markets
About CBRE

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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, 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