Joint agents Savills and Coady Supple have been instructed to bring the freehold investment interest in Whitewater Shopping Centre, Newbridge, Ireland to the market this week for sale by Private Treaty.
Whitewater Shopping Centre, which opened in 2006, comprises 4 anchor tenants, 63 retail units, 11 food court units, a 6 screen cinema, and 1,700 landlord controlled car parking spaces. In addition, there are 84 residential units included with the sale. Whitewater Shopping Centre is Ireland’s largest regional shopping centre with approx. 27,870 m² (300,000 ft²) of retail space.
The quoting price, in excess of €150 mln, equates to a net initial yield of approximately 7.5%. With an attractive Weighted Average Unexpired Lease Term (WAULT) in excess of 11 years, this investment is expected to attract significant levels of interest from domestic and international investors looking for a quality retail investment with scale in a large and affluent catchment area.
The Shopping Centre is located in Newbridge, Co. Kildare. Newbridge is within the Dublin commuter-belt, approx. 50 km southwest of Dublin city centre. The area is connected by both road and rail services. As a result, the Newbridge/Naas area has emerged as a hub of industry, attracting many global firms such as Kerry Group, Intel, Oral B, Newbridge Silverware and Pfizer choosing to locate here.
Whitewater Shopping Centre benefits from a significant catchment area of over 310,000 people. Shoppers enjoy a strong tenant line up, with a mix of European and UK High Street fashion as well as leading Irish brands. The centre is anchored by Debenhams, Marks & Spencer, Zara and H&M, other significant tenants include Boots, New Look, River Island, Eason, and Odeon Cinema.
The property is generating a net operating income of approx. €11.7 mln per annum. Of this, 87% is generated from the shopping centre tenants and the remainder is generated from the car park and residential units. The prospect for a purchaser to grow this income in the short term is very positive with both footfall and consequently turnover improving markedly in Whitewater over the past 24 months. In addition there are a number of new letting prospects, which will further enhance yield prospects.
Source: Savills
