10
Excellent Retail Investment Opportunity
E x c e l l e n t 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
F O R S A L E BYP R I VAT E T R E AT YTe n a n t s N o t A f f e c t e d
An initial feasibility study has been carried out for a proposed PRS development consisting of 107 units which will include a mix of 1, 2 & 3 bed units over six floors. The scheme will be provided with a level of tenant amenity to compliment the residential offer, including tenant lounge and co-working space, roof gardens and TV/games spaces.
The new development is proposed to have seven storeys at the main corner and stepping down from seven to five storeys moving away from the junction. The purpose is to create focus on this central element which is already predominant on the street, while maintaining a good relationship with the existing context creating a truly mixed-use development.
D E V E LO P M E N TP OT E N T I A L
K E Y I N V E S T M E N T CO N S I D E R AT I O N S
Current passing rent €1.1m per annum
Weighted average unexpired lease term (WAULT) of 5.3 years
Anchored by Dunnes Stores who occupy a store extending to
8,207 sq. m (88,344 sq. ft)
Total floor area of approx 16,771 sq. m
(180,526 sq. ft) in total, of which 8,564 sq. m
(92,182 sq. ft) is subject to this sale
Excellent tenant mix On site underground car parking spaces
Asset management opportunities
Other notable tenants include: Lloyds
Pharmacy, Specsavers and Starbucks
T H E LO C AT I O N
Ashleaf Shopping Centre
is a busy local centre that
serves a large network of
well-established residential
estates.
The development is situated on the junction of Cromwellsfort Road and Whitehall Road West, approximately 8km southwest of the city centre and approximately 6km from Tallaght. The immediate area is well serviced by a number of Dublin Bus routes, with the wider area benefiting from a number of stops on the Luas Red Line and is less than 8 minutes’ drive from the M50 Motorway. The immediate area also benefits from being located within close proximity to a number of primary and secondary schools, as well as a number of sports clubs such as Templeogue & Crumlin GAA Clubs. Ashleaf Shopping Centre’s surrounding area predominantly consists of detached and semi-detached housing.
CATCHMENT WITHIN 10 MIN DRIVE TIME CATCHMENT BREAKDOWN BY GENDER
The immediate area is well serviced by a number of Dublin Bus routes
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
18-25 TOTAL
25-35 TOTAL
35-45 TOTAL
45-55 TOTAL
55-65 TOTALMALES
49%
FEMALES51%
Source: CSO & MBRSource: CSO & MBR
WHITEHALL ROAD
CROMWELLSFORT
ROAD
ST DAMIENS
NATIONAL SCHOOL
BEECHFIELD
PARK
T H E A S S E T
Ashleaf Shopping Centre has excellent
profile onto Cromwellsfort Road and
Whitehall Road, and is the main retail
offering within the immediate densely
populated area of Crumlin.
Ashleaf Shopping Centre was constructed in 2000 and comprises of a two-storey shopping centre extending to approximately 16,771 sq. m (180,526 sq ft) in total, of which approximately 8,564 sq. m (92,182 sq. ft) forms part of this sale.
The scheme is anchored by Dunnes Stores who occupy a store extending to 8,207 sq. m (88,344 sq. ft) under a long leasehold agreement, catering for their homeware and grocery offering. Other established tenants in the centre include Lloyds Pharmacy, Specsavers, Starbucks and McDonalds Restaurant.
Ashleaf Shopping Centre currently attracts a footfall of 4.5 million per annum. The location of the centre and its level of convenience to the locality has proven to be a key driver in footfall figures year on year.
The shopping centre is laid out to provide mainly ground floor retail accommodation, with dual pedestrian access via Whitehall Road West and Cromwellsfort Road. The centre has the benefit of on site underground car parking spaces, and can be accessed from a central point in the mall. There is also a food court located at first floor level. Ashleaf Shopping
Centre currently attracts a footfall of 4.5 million per annum
F LO O R P L A N L AYO U T
8.DUNIT
UNIT18
16UNIT
UNIT17
UNIT 15
UNIT14
PHASE 1.BAR
BAR/LOUNGE
OFF-LICENCE
UNIT 3
UNIT2
UNIT 1
UNIT 4
UNIT 5
UNIT 13
UNIT7
UNIT 6
UNIT 8
8.AUNIT
UNIT 10
UNIT 12
UNIT 11
UNIT 9
8.BUNIT
SERVICE YARD
CRECHE
ANCHOR UNIT
8.CUNIT
NORTH
UNIT 9
UNIT 12
VOIDVACANT
OFFICE 4
OFFICE 5,6,7
MEDICALCENTRE
UNIT 14A
FUNCTION ROOM
BAR/LOUNGE
OFFICE 3
OFFICE 1
OFFICE 9
OFFICE 8
OFFICE 2
NORTH
VACANT
VACANT
ANCHOR UNIT
Ground Floor First Floor
Retail Offices Vacant
I N C O M E A N A LYS I S
Ashleaf Shopping Centre currently
produces an income of €1,182,000
per annum (NOI) with a WAULT in
excess of 5.3 years to expiry.
IRISH INVESTMENT SPEND NATIONAL VS INTERNATIONAL INCOME BY TENANTS
TOP 10 TENANTS BY RENTAL INCOME
MIXED-USE1%HOTEL
2%
RESIDENTIAL19%
RETAIL31%
OFFICE47%
NATIONAL59%
INTERNATIONAL41%
€0
€50,000
€100,000
€150,000
€200,000
€250,000
LLOYDS
PHARMACY
MCDO
NALDS
TUTHILLS
HEALTH
MATTERS
ESAVERS
COSGRAVE
BUTCHERS
LIPSTIC
K
SPECSAVERS
STARBUCKS
THUNDERS
BAKERY
Source: CSO & MBRSource: CSO & MBR
Source: CSO & MBR
O C C U PAT I O N A L M A R K E T
According to Visa’s most recent Irish Consumer Spending Index, consumer spending returned to growth in March, with overall spending in the Irish market up 2.7% year-on-year and e-commerce up by 4% in the period. Meanwhile, retail sales are up 4.9% on an annualised basis according to the CSO.
There has also been an encouraging volume of activity in the Irish retail property market of late with several new entrants including Oliver Bonas, Leon and PF Chang’s recently announcing plans to open their first Irish stores and several other international entrants expected to be confirmed over the coming months. Take-up in the Irish retail sector is steady despite the frustrating length of time it is currently taking to complete transactions due to protracted legal processes, planning delays and requisite consent applications. Ireland’s first new retail accommodation in years is now under construction with landmark developments such as Central Plaza and Chatham & King development underway in Dublin city centre and new retail accommodation also under construction at Cherrywood in the south suburbs of the city.
News that planning has recently been granted for an additional 83,996 sq. m of retail space at Carrickmines Retail Park in Dublin 18 has been well received, with this scheme expected to generate strong demand from a range of end users.
R E TA I L I N V E S T M E N T M A R K E T In 2018, there was €3.79 billion of overall investment of which €510 million of retail investments traded in the market, accounting for approximately 14% of overall investment spend. Shopping centre sales accounted for 22% of the investment spend whereas the sale of retail parks accounted for 41% of the investment spend. The main retail transactions that occurred last year included; Westend Retail Park Blanchardstown (€147 million), Phase 2 Carrickmines Retail Park (€95 million), and a 50% interest in Navan Town Centre (€43 million). As
it currently stands we are calling prime shopping centre yields at 5.25%, whereas secondary retail yields are trending weaker at 8.00%.
Comparatively in Q1 2019, transactional activity in the Irish investment market has also continued at pace over recent months, buoyed by strong occupier market activity. Following the completion of almost €600 million of investment transactions in the first three months of 2019, a number of high-profile assets are currently being marketed, both on and off-market,
including several office buildings and Build-to-Rent opportunities. The Grade A Bishop’s Square office building in Dublin 2, which is mainly let to Government tenants and which has recently been extended and refurbished by Hines, is currently being marketed, guiding at €180 million. Notwithstanding this, in Q1 2019 the retail investment spend accounted for 32.5%. Notable transactions include the sale of a 25% interest in Pavilions Shopping Centre, Fairgreen Shopping Centre Mullingar and Royal Liver Retail Park in Naas.
R E TA I L M A R K E T OV E RV I E W
These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 on the understanding that any negotiations relating to the property are conducted through them. While every care has
been taken in preparing them, CBRE U.C., for themselves and for the vendor/lessor whose agents they are, give notice that: - (i) The particulars are set out as a general outline for guiding potential purchasers/tenants and
do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in
good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.
(iii) Neither CBRE U.C., nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. Brochure prepared June 2019.
AG E N T S
NATALIE BRENNAN
Senior Director , CBRE
T: +353 1 618 5555
ANDRÉ BERG
Surveyor, CBRE
T: +353 1 618 5527
B E RRating: B2 – G
Numbers: BER numbers are available upon request.
L E G A L T E A M
JIM MURPHY
Riverside One, 37 - 42 Sir John Rogerson’s Quay,
Grand Canal Dock, Dublin 2
T: +353 1 607 1272
T I T L EThe property is held part freehold and part long leasehold interest, further details available on request.
