Longford retail units on market with €6.75m price tag
A number of units in the N4 Axis Centre, Longford are being offered for sale by agent TWM with a guide price of €6.75 million.
The investment, which is being offered for sale on the instructions of joint receivers Declan McDonald and Ken Tyrrell of PwC, comprises eight of the commercial units which includes anchor tenants Homestore + More, Argos, Maxi Zoo and Halfords.
Other tenants include, St Christopher's Service CLG, Eurogiant, Paul Byron Shoes and Vincent Maguire Hair & Beauty Supplies.
The sale offers investors the prospect of a net initial yield of 8.45% off the rent of €627,036 per annum, along with excellent opportunities for asset management.
Developed in the 2000s, the N4 Axis Centre is located at the Red Cow Roundabout on the N4 just outside Longford town.
The centre is a modern retail park comprising a mix of shops, warehousing, office space, a gym, and food and beverage operators.
The sale extends to 6,791sq m (73,098sq ft) with 70 per cent of the income derived from the anchor tenants.
Occupiers not part of the sale include McDonalds, Fresh Today, Homesavers, Longford Furniture World, Pizza Hut, Esquires Coffee Co, Gym and office users.
Russell Cleere is handling the sale on behalf of TWM and the guide price is well below the replacement cost at approximately €92 per sq ft.
The sale also includes a vacant yard which had been a garden centre and which could provide potential to add value to the investment.
TWM are expecting strong interest in the sale from a range of both domestic and international investors.