Shopping Centre Investment Opportunity For Sale by Private Treaty Tenants not Affected
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Shopping Centre Investment Opportunity
For Sale by Private Treaty
Tenants not Affected
1
Investment
Summary
5,461 sq. m. (58,781 sq. ft.)
Net Internal Area (excluding long leasehold interests)
Two Anchor Stores:
(long leasehold interest)
Prominent Location
in the centre of Mullingar Town
300 Car Spaces
underground
€685,018 per annum
of Net Operating Income
(to include car park income)
A strong anchored retail scheme Asset Management
in the centre of Mullingar Opportunities
Town with immediate asset
management opportunities.
Shopping in Mullingar
Mullingar is the county town of Fairgreen Shopping Centre is
Westmeath, with a population of situated within Mullingar Town at a
20,928 (census 2016). Mullingar is pivotal roundabout which connects
located centrally within Ireland’s Patrick Street and Ashe Road. The
midlands, approximately 80km scheme has a prominent profile AUSTIN FRIARS STREET
from Dublin City Centre. The town and benefits from vehicular and
is situated on the M4/N4 corridor pedestrian passing trade. HARBOUR PLACE
(accessed via junction 15), one SHOPPING CENTRE
of Ireland’s main arterial routes Mullingar Train Station is situated
servicing the Dublin to Sligo route. approx. 350m from Fairgreen
Mullingar is also connected to the Shopping Centre. The station sits on PEARSE STREET
main Dublin to Galway route via the the Dublin Connolly to Sligo line.
N52 National Primary Road.
OLIVER PLUNKETT
STREET
MULLINGAR
SHOPPING CENTRE
MULLINGAR
TRAIN STATION
Accessing
COLUMB BARRACKS
RESIDENTIAL SITE
Fairgreen N4
Mullingar R394
IN
LV
DE OAD
HA TR
R
S
RB EE
OU T
AS N4
HER
R
OA
D
AUSTIN FRIARS
ROAD R156
R390 R400
K
OO
BR
W AD
NE RO
R394 N52
Outline is for illustrative purposes only
The centre currently
attracts footfall of
1.5 million
per annum
DESCRIPTION
Fairgreen Shopping Centre Fairgreen Shopping Centre
was constructed in 2005 serves a very strong purpose
and comprises a single within Mullingar Town with
storey shopping centre of anchors TK Maxx and Penneys
approximately 5,461 sq. m. proving to be a significant
(58,781 sq.ft.) (excluding Penneys footfall draw. Currently the
which is held under long centre attracts footfall of 1.5
leasehold interest). The centre million per annum. The addition
has a simple, linear layout of Costa Coffee in 2016, which
comprising eight units, two sits at the entrance to the
anchor units and six additional scheme, has proven to be
retail units fronting the central an additional footfall driver
mall. Five of the units, including and offers a key amenity for
both anchor units, have customers.
mezzanines. The centre has the
benefit of 300 underground Fairgreen Shopping Centre has
parking spaces, which can be excellent profile onto two main
accessed from a central point in roads within Mullingar Town and
the main mall. is positioned within a densely
populated residential area.
Scheme Plan
UNIT 4A
UNIT 4
UNIT
5A
UNIT 3
UNIT 5B
UNIT 2B
CE
UNIT 1
AN
TR
EN
UNIT 2A
Stores
UNIT 1 PENNEYS (long leasehold interest)
UNIT 2A COSTA COFFEE
UNIT 2B ELVERY SPORTS
UNIT 3 TK MAXX
UNIT 4 VACANT
UNIT 4A DEALZ
UNIT 5A VACANT (terms agreed)
UNIT 5B NEW LOOK
Derry Local Employers Mullingar is a thriving
Donegal A5 business, administrative
N15 M2
and industrial centre
Belfast with a population of
20,928
N3
Sligo Pharmed
M1
Castlebar Cavan
N77
N4 Drogheda
Navan
N84 Mullingar
The IDA has recently completed the
services infrastructure for a 70 acre
M1 business park which should facilitate
Galway Athlone M3
KINNEGAD the arrival of additional multinational
M6
M4 companies to Mullingar in the short to
Dublin medium term.
M7 M50
N18
M7 Mullingar Regional Hospital is a 211
Imperial Tobacco Greene Farm Foods
Limerick M9 bedroom, public hospital which services
the entire of the west midlands and is
M8 Kilkenny
situated on the outskirts of Mullingar Town.
N21
N20
N11 The newly established Land Development
Killarney
Waterford
Wexford Agency which was set up as part of
the ‘Ireland 2040’ plan has identified
N22
Columb Barracks in Mullingar as a site for
N25
residential development. Columb Barracks
Cork
has capacity to hold 250 residential
units and immediately adjoins Fairgreen
Shopping Centre.
Location
The subject property is located in
Mullingar, the capital town of County
Westmeath and its administrative
headquarters. Mullingar is located
centrally within Ireland’s midlands
approximately 80km from Dublin city
centre and approximately 140km from
Galway city centre. The town is situated
on the M4/ N4 corridor, one of Ireland’s
main arterial routes servicing Dublin to
Sligo. Mullingar Town is accessed via
junctions 15, 16 and 17.
Catchment Analysis Westmeath Dem o grap hi c Pro fi le, Census 2011
Po pul at i o n C h ang e 1986 - 2 011
TOTAL P O P ULATION 142,
44, 688
313
Dem
Demog
ograra
phph
i ci cPP
rof
rof
i le,
i le,CC
enen
susu
s s2011
2011 8 8 ,7 7 0
100%
Total
Cars 0.93% 3.36% 15.19% 16.32%
Household
-
31,813
Houses / bungalos De mo g rap hi c Profi le, Census 2 0 1 1
Expenditure
1.2
45,663
Billion Per Household
Fairgreen Occupancy Income Hierarchy
(by floor area)
Mullingar By Tenant
Income 15%
Average Weighted
Unexpired Term to
Earliest Event
€600,000
€500,000
€400,000
Fairgeen Shopping Centre is 31%
85% 3.04 56%
€300,000
anchored by Penneys (long €200,000
leasehold interest) and TK Maxx. 13%
€100,000
YEARS
Both tenants are key footfall €0
drivers in the centre. 0-2 YEARS 2-5 YEARS 5-10 YEARS
The additional tenants comprise
a combination of well known and Average Weighted
regarded national and international €800,000
Unexpired Term
to Expiry
tenants including Costa Coffee, €700,000 COUNTY
Occupancy WESTMEATH
New Look, Dealz and Elverys. €600,000
€500,000
The scheme is producing an Vacant
€400,000
income of €685,018 per annum
(NOI) and has a WAULT of 3.04
€300,000
€200,000
€100,000
9.51
YEARS €424,930 €240,000 €99,333
years, 9.51 years to expiry. €0 MULTINATIONAL NATIONAL CAR PARK AND
MALL INCOME
0-2 YEARS 2-5 YEARS 5-10 YEARS 10+ YEARS
Tenancy Schedule
Demise Tenant Total sq. m. Total sq. ft. Term Start Date Term End Date Rent Review Break Passing Rent
Unit 1 Penney's (long leasehold interest) 5,121 55,121 - - - - -
Unit 2 Staunton Sports t/a Elverys 603 6,487 01/01/2017 31/12/2026 31/12/2021 31/12/2023 €120,000
Unit 2a MBCC Foods t/a Costa Coffee 275 2,958 01/08/2016 31/07/2031 N/A 31/07/2023 €55,000
Unit 3 TJX Ireland t/a TK Maxx 2,334 25,119 06/07/2015 05/07/2030 05/07/2020* 06/07/2020 €140,000
Unit 4 Vacant 374 4,027 - - - - -
Unit 4a Poundland t/a Dealz 717 7,714 09/11/2015 08/11/2025 08/11/2020 08/11/2020 €120,000
Unit 5a Vacant (terms agreed) 465 5,010 - - - - -
Unit 5b New Look Retailers 694 7,466 13/09/2007 12/09/2032 12/09/2022 13/09/2022 €229,920
Mall Machines Clearhill Retail Entertainment - - 01/09/2015 31/08/2020 - - €8,000
Underground Car Park Car Park Income - - - - - - €91,333
Total 10,583 113,902 €764,253
Total Buying 5,461 58,781
* Please refer to lease side letter.
The Irish Retail Market 2018
The Irish economy is providing a backdrop Retail investment demand is centred around assets with
for strong retail performance strong fundamentals
At the beginning of autumn 2018, Ireland’s economic fundamentals are sound: GDP Investor appetite is focused on well located and well managed assets with potential for
output grew by 7.2% in 2017 making Ireland the fastest growing economy in EMEA. some value add but with limited leasing risk
At this juncture, according to CBRE’s House View, Ireland is on course to achieve GDP
growth in excess of 5.1% in 2018 and is on target to be the best performing economy in Retail investment accounted for 27% of investment spend in 2017 and 12% ytd 2018 with
EMEA for a fifth consecutive year. the most significant trade being Westend Retail Park in Blanchardstown which traded
at €148 million. Secondary retail yields are currently at 7.00% - comparing favourably to
This momentum has continued into the first half of 2018 with the labour market other sectors where yields have compressed significantly.
performing especially well. More than 74,100 jobs were created in H1 2018 indicating
another 3.4% increase compared to the Q2 2017. The Irish occupier market is supporting the underwrite of assets that are correctly
positioned for growth.
Unemployment has fallen to 5.6% in August - its lowest level in August since 2006.
Disposable household incomes are growing in the long-term and bounced back Figure: Prime Yields Shopping Centres Ireland
after the recession. The figure is standing at EUR 56.968 per household per year and
is forecasted to grow by another 2.8% in 2018 due to a combination of modest pay
increases, tax cuts and increased numbers at work. A combined positive consumer
sentiment and retail sales are likely to provide for a strong consumer demand and a
strong performance of the retail sector.
Household Disposable Income Ireland
Source: Oxford Economics, 2018.
The Irish occupier market remains robust amid global
speculation in the retail market
Amidst global speculation around the sustainability of retail, the Irish market is
Consumer Sentiment Index (CSI) Ireland performing well, being supported by strong economic fundamentals
Regionally there is strong performance from national occupiers with many retailers
looking to expand their operations.
The food and beverage and beauty sectors are performing exceptionally well, as are the
homeware retailers who are seeing growth on the back of a strong housing market.
While demand from UK and international brands has slowed down somewhat in the
aftermath of the Brexit announcement, there are live requirements for the correct
locations where retailers have witnessed strong online trading.
Source: ESRI/KBC, 2018Contacts
Sole Selling Agents Solicitor
Natalie Brennan Arthur Cox
Senior Director Earlsfort Centre,
T +353 1 618 5555 Earlsfort Terrace,
M +353 87 680 8986 Dublin 2,
natalie.brennan@cbre.com Ireland.
Fiona Kennedy Deirdre Sheehan
Associate Director T +353 1 920 1759
T +353 1 618 5742 deirdre.sheehan@arthurcox.com
M +353 87 181 9913
fiona.kennedy@cbre.com BER:
Willie Norse
Executive Director BER numbers available upon request
DD +353 1 618 5529
M +353 86 299 6627 Tenure
willie.norse@cbre.com Freehold
fairgreenmullingarsale.com
Disclaimer: CBRE U.C., (CBRE Ireland)
These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 on the understanding that any negotiations relating to the property
are conducted through them. While every care has been taken in preparing them, CBRE U.C., for themselves and for the vendor/lessor whose agents they are, give notice that:
(i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract.
(ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in
good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves
(at their own expense) as to their correctness.
(iii) Neither CBRE U.C., nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. Brochure prepared Sep-
tember 2018.
design | conradjones.com
2122
You can also read
