Estate agent Bannon is seeking €3.8 million for Johnstown Shopping Centre, located in a fast-expanding neighbourhood on the outskirts of Navan, Co Meath. The investment will show a net initial yield of 8 per cent from the fully let scheme.
Johnstown produces €329,920 per year, reflecting sustainable rents with a weighted average unexpired lease term of just under 10 years. The overall building extends to 3,563sq m (38,347sq ft) and is anchored by a well run SuperValu store extending to 2,160sq m (23,251sq ft). The property has benefitted from considerable improvements through asset managers Sigma Retail Partners.
The owner-occupied elements of the scheme, including SuperValu, Costa Coffee and the upper floor offices, do not form part of the sale. The 10 units that are included incorporate Boyle Sports, Ischia Hair and Beauty and The Ivy Café among others, many of them trading from the centre for more than a decade. Hickey’s Pharmacy is held separately as a standalone investment.
The shopping centre is located to the southeast of Navan in a densely populated area of some 2,700 households.
Alex Patterson of Bannon said he expects strong interest in Johnstown given its “excellent income return from long established retailers in an expanding residential area”.
