Shopping malls in Naas and Newbridge, Co Kildare, due to be sold by private treaty in the coming weeks, will give new owners initial returns of well over 12 per cent.
Agents CBRE and Sherry FitzGerald O'Reilly are seeking in the order of €1.6 million for the Moat Mall shopping centre in the centre of Naas. The pedestrianised shopping mall is laid out in courtyard-style over ground, first and part second floor.
It has an overall floor area of 1,572sq m (16,920sq ft) and is producing a rental income of €205,000 from a mix of retail, office and residential tenants.
Most of the rent, €164,800, is generated from 13 commercial tenants with the balance of €40,000 coming from five of the six apartments. Three retail units are currently vacant. The joint agents say the Moat Mall would suit an investor who wanted to grow the income by taking a hands-on approach through active asset management.
The current rent roll will give a new owner a return of 12.3 per cent
In Newbridge, CBRE and REA Brophy Farrell are inviting offers of around €1.3 million for the Newbridge Arcade which is 75 per cent let to five tenants and generating an income of €168,600.
The two-storey complex extends to 1,707sq m (18,373sq ft) and has frontage on to Main Street and George’s Street.
Euro Giant occupies a shop along Main Street, while the Jardin Royal Chinese restaurant trades overhead.
Other tenants include SIPTU and An Chistin restaurant.
The vacant accommodation is predominantly in office use on the first floor. Even on the current rent an investor can bank on a return of 12.4 per cent.
