F O R S A L E

R E T A I L I N V E S T M E N T O P P O R T U N I T Y

www.westsideshoppingcentre.com

| G A L W A Y C I T Y |

We are instructed to seek offers in excess of

€9,600,000

A purchase at this level would reflect an attractive net initial yield of 7.25% after the deduction of standard purchaser costs of 8.46%. IN

VES

TM

ENT

SU

MM

ARY

100% Occupied

Anchored by Dunnes Stores, Driv-ing Test Centre (OPW), McDonalds, Boyle Sports & Maxol with 332-free

surface car parking spaces

Extends to over 2,275.57 sq.m (24,494 sq.ft GIA) excluding

Dunnes Stores and other long leasehold interests

Passing Net Operating Income of €754,559 per annum with

reversionary potential

Offers further development opportunities

Freehold

62.5% of income is secured against National covenants

In excess of 14 years WAULT

€

%

14+ YEARS

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S H A N T A L L A

N E W C A S T L E

W E S T S I D EP L A Y I N G F I E L D S

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U n i v e r s i t yC o l l e g e H o s p i t a l

N a t i o n a l U n i v e r s i t yo f I r e l a n d

R338

R338

R338

N59

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R864

R864

Galway City is situated on the west coast of Ireland approximately 200 km west of Dublin and is the regional capital of the West of Ireland. The city benefits from excellent transport links with the M6 motorway allowing fast access to Dublin, while the M18 mo-torway provides access to Limerick and beyond. The city ben-efits from rail connection to Dublin Hueston Station and other main Irish cities. Shannon Airport is situated 60 km south via the M18 motorway, which offers flights to both national and international destinations such as London, Paris, Rome, New York and Boston.

SLIGO

BELFAST

DERRY

LIMERICK

ATHLONE

CORK

WATERFORD

DUBLIN

LIMERICK

SHANNONAIRPORT

WATERFORD

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L O C A T I O N

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The area is heavily populated and the centre offers the main convenience shopping for the immediate pop-ulation. The shopping centre is anchored by Dunnes Stores along with 14 retail units plus a McDonalds Drive-Thru restaurant and a Maxol service station. A number of units within the centre, including Dunnes Stores have been sold off on long leasehold interest.

The centre is laid out as a single level trading mall that was developed in the 1980’s with a large 332 space sur-face car park. All units front on to the car park with a canopy running along the front of the parade.

Vehicle access into the centre is via Bothar le Cheile which borders the east of the centre. Service access is via the rear of the shopping centre.

D E S C R I P T I O N Westside Shopping Centre is situated 1 km north west of the city centre within easy walking distance to both University College Galway and the Regional Hospital.

For Illustration Purposes Only

Freehold Interest

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3 0 M I N SD R I V E T I M E

2 0 M I N SD R I V E T I M E

1 0 M I N SD R I V E T I M E

InverinSpiddal Furbough

Barna

Oranmore

Clarinbridge

Moycullen

Oughterard Claregalway

Athenry

Headford

The availability of a young talented workforce is one of the many factors which continues to attract foreign direct invest-ment to the city and the surrounding suburban areas.

Boston Scientific, Hewlett Packard, Medtronic, Merit Medical and SAP have all expanded their operations in Galway over the past number of years.

E C O N O M Y & C A T C H M E N T

P O P U L A T I O N

141,048Total Population

€247.31Toys/Sports/Pets

€646.78Clothing

€160.41Medical Products

€514.67Personal Care

€1,784.54Food & Beverage

(including Grocery)

€128.24Electronics & IT

€21,358.10Per Capita

2.80Average Household Size

109Index

50,781Total Households

S P E N D I N G P E R C A P I T A

P U R C H A S I N G P O W E R

KEY FACTS

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G A LWAY

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Galway is the regional capital of the West of Ireland and provides the main shopping destination for the region. There is no sig-nificant competition within a reasonable drive time of the city. Galway City’s location and historic nature constrains the city with regards to further retail development. Galway is Ireland most un-der provisioned city with regards to retail and as a result retailer in-situ trade well.

Other retail offerings nearby include:

» ALDI Situated directly opposite sitting alongside Mr Price discount store.

» GALWAY GATEWAY Situated 2 km to the west anchored by Dunnes Stores, Next, Aldi and New Look

» GALWAY RETAIL PARK & GALWAY SHOPPING CENTRE Galway’s main shopping location, anchored by Tesco, Pennys, Smyth Toys, Lidl & Woodies situate 2 km to the east.

» EYRE SQ SHOPPING CENTRE Situated in Galway City Centre anchored by Dunnes Stores, Penney’s & JD Sports.

» CORRIB CENTRE Situated in Galway City Centre, anchored by Debenhams with a large multi-storey car park.

» BRIARHILL SHOPPING CENTRE Situated 5 km to the east of the city centre anchored by Dunnes Stores.

The majority of the above centres have no vacancies showing

the strength of the retail market in the city.

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B R I A R H I L LS H O P P I N G C E N T R E

G A LWAYR E TA I L PA R K G A LWAY

S H O P P I N G C E N T R E

E Y R E S Q S H O P P I N G C E N T R E

G A LWAYG AT E WAY W E STS I D E

CO R R I B S H O P P I N G C E N T R E

R E T A I L I N G I N G A L W A Y

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T O P 1 0 T E N A N T S B Y I N C O M E

The property produces an annual net operating income of €754,559 per annum. We set out below basic tenancy details and full details are set out in the dataroom:

TENANT % OF INCOME TERM CERTAIN

McSharry’s Pharmacy 23.59% 19.15

McDonalds 15,43% 8.60

Peter Murphy Electrical 9.97% 12.30

Divilly’s Butcher 8.28% Further Information on Data Room

Evergreen Healthfoods 7.29% 19.82

O’Hehir Bakery & Café 6.57% 19.82

Maxol 6.36% 19.07

Newsweek 5.59% 9.11

Boyle Sports 4.85% 6.07

Driving Test Centre (OPW) 4.17% Further Information on Data Room

C O V E N A N T S T A T U S : I N C O M E P R O F I L E :

37.5% Local

65% >10 Years62.5% National

29% 5-10 Years*

6% >5 Years

*Tenants not affected

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M A XO LU N I T 1 8

283 SURFACE CAR PARKING SPACES

D U N N E SSTO R E S

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Opportunity to construct an additional pod on the car park subject to planning. There is strong interest from a coffee operator

Look to acquire units not within the ownership opening up a number of opportunities. Further information available on request

Opportunity to build above the centre to provide student housing or other alternative schemes (subject to planning permission)

Regear leases and formalise the lease with the Driving Test Centre (OPW)

Consider selling McDonald’s / Maxol off in isolation, which would show a significant uplift in value

Settle outstanding rent reviews and trigger upcoming rent reviews

B E R

VAT

Further information on request

P L A N N I N G The Shopping Centre is zoned ‘Light Industry

Commercial’ which is defined as ‘to provide

for light industry and commercial uses other

than those reserved in the CC zone’.

T I T L E

The property is held freehold

P R I C I N G

We are instructed to seek offers in excess

of €9.6m for our clients freehold interest.,

A purchase at this level would reflect a net

initial yield of 7.25% assuming standard

purchaser costs of 8.46%.

V I E W I N G S

All viewing are strictly by appointment

through the sole selling agent

D ATA S I T E

www.westsideshoppingcentre.com

S O L I C I T O R S

The Exchange

George’s Dock

IFSC

Dublin 1

Rachel Rodgers rachel.rodgers@walkersglobal.com +353 1 470 6675

Jody Toner jody.toner@walkersglobal.com

+353 1 470 6625

Kevin Donohuekevin.donohue@cushwake.ie

+353 (0) 1 639 9234

Jill Geraghty

jill.geraghty@cushwake.ie

+353 (0) 1 639 9332

Patricia Stauntonpatricia.staunton@cushwake.ie

+353 (0) 91 865525

Karl Stewartkarl.stewart@cushwake.ie

+353 (0) 1 639 9347

164 Shelbourne Road

Dublin 4

cushmanwakefield.ie PSRA No: 002222

A full copy of our general brochure conditions can be viewed on our website at http://www.cushmanwakefield.ie/terms, or can be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in Cushman & Wakefield publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information. PSRA Registration Number: 0022222

F U R T H E R I N F O R M A T I O N

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A S S E T M A N A G E M E N T Westside Shopping Centre is fully let and income producing. The most re-cent activity has seen Divilly’s renew their lease for another 20 years. Current rental tone suggests that the market rent for stan-dard units to be in the region of €27.50 psf with larger units standing at €22.75 - €25 psf depending on location.

The asset offers investors the opportunity to actively man-age a strongly performing convenience led centre and cre-ate value by focusing on the asset management opportu-

nities set out as follows:

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*For Illustration Purposes OnlyThird Party Long Leasehold Interests (not included in the sale)

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