A private Irish family fund is set to secure a net initial yield of just under 8 per cent following its purchase for more than €7 million of the Meridian Point shopping centre in Greystones, Co Wicklow.
The new owner is understood to have secured the property in the face of several bids from a range of parties following a competitive sales process conducted by agent Avison Young on behalf of the scheme’s outgoing owner and developer, the Cosgrave Property Group. The price paid for Meridian Point represents a premium of 27 per cent on the €5.5 million price that had been guided when the scheme was brought to the market last year.
Located at the heart of the Greystones, Meridian Point is fully occupied with a strong tenant line-up which includes Sports Direct, Costa Coffee, Chakra by Jaipur restaurant, the Grafton Barber and the post office. The development also includes a 180-space car park.
Meridian Point comprises 20 tenancies in total made up of a mix of uses. The net rent receivable is €582,852 per annum with a weighted average unexpired lease term of just more than six years to lease expiry and over four years to lease break. The scheme offers opportunities for active asset management to secure future income growth.
Greystones, with a population of about 21,000, is a rapidly expanding coastal town within Dublin’s commuter belt. The town’s location and wide range of facilities and amenities, coupled with its road and rail connections to Dublin city, make it an attractive residential location.
Situated just off Greystones’s main thoroughfare, Church Road, and within walking distance of the town’s Dart station and marina, Meridian Point is well placed to take advantage of the business generated by both the local population and the extensive numbers of weekend and summer visitors.
