Shannon Retail Park and an adjoining site of 16 acres on the outskirts of Athlone, in Co Westmeath, are fresh to the market this week with Bannon guiding €2.2 million for the lot. The sale is on behalf of receiver Declan McDonald of PwC.
Located opposite the Athlone Institute of Technology campus and the IDA Ireland-owned Athlone Business and Technology Park, the retail park is fully occupied by Heavin's Hardware, Horkan's Petworld and Smyths Toys which trades from a double unit.
Four of the five units (Unit B1 excluded) in the park are subject to the sale which accounts for 3,952sq m (42,539sq ft) of ground-floor retail space. The rent roll will reach €210,482 on the expiry of a stepped rent in April 2017.
This equates to an average rent across the park of €4.95 per sq ft with a weighted unexpired lease term of 3.8 years.
The agent has put a price of €1.95 million on the retail park which equates to a net income yield of 10.33 per cent and a capital value per sq ft of €45.
Zoned “Enterprise and Employment”, the adjoining 16-acre site had planning permission in 2009 for a large mixed-use scheme of retail warehousing, offices and high-bay storage. However, this has since expired. The €250,000 price for the site equates to just over €15,500 per acre.
