A 4,522m² store occupied by SuperValu, Ireland’s largest supermarket chain, has been placed on the market for sale with a guide price of €27m, representing a Net Initial Yield of 6.1%, which is set to increase upon rent review in September. Property advisor, Savills, has been appointed to sell the investment property, which is located within Pavilions Shopping Centre in Swords – North Dublin’s largest retail destination, with in excess of 500,000ft² of retail and leisure spaces.
The asset is let to Musgrave Operating Partners Ireland Limited (A-rated Covenant) – trading as SuperValu – on a 25-year lease from September 2005 [leaving a WAULT of 10.28 years] and generates a rent roll of €1,8m per annum – subject to a rent review every 5 years which are open market or CPI, whichever is greater.
SuperValu operates in over 223 locations throughout Ireland and according to results released by Kantar Ireland in May 2020, SuperValu is now Ireland’s number one supermarket. With an estimated annual footfall of 12 million, Pavilions Shopping Centre is the prime retail centre serving Dublin’s north suburbs. The centre is anchored by Supervalu, Dunnes and Penneys, alongside 96 retail shops and restaurants, an 11-screen cinema and 2,000 car parking spaces.
High-profile retailers at Pavilions include Zara, Tommy Hilfiger, Schuh, H&M, River Island, Jack & Jones, Pamela Scott and Pandora. In addition, a number of popular coffee shop and restaurant chains are also in situ, such as Starbucks, Five Guys, Nando’s and Costa Coffee.
Swords is situated 13km north of Dublin city centre, close to the M1 and less than 7km north of the M50 / M1 Junction. The immediate catchment area has a population of 40,000 and is highly accessible via road and bus. The proposed Metro-North railway will also service Swords, with a stop outside Swords Pavilions.
