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Credit: CBRE
Credit: CBRE

Ashleaf Shopping Center Guiding EUR 10.75 Million

CBRE are launching Ashleaf Shopping Center in Crumlin, Dublin, to the market, for sale by Private Treaty.

The shopping center was originally developed in 2000 and is successfully anchored by Dunnes Stores. Other notable tenants in the center include Specsavers, McDonalds and Lloyds Pharmacy. The shopping currently produces an annual rent roll of approximately €1,182,729 per annum and a weighted average unexpired lease term (WAULT) of 5.27 years. The quoting price of €10,750,000 represents a net initial yield of 10.14% and a capital value of €116 per sq ft This asset is well positioned to benefit from strong reversionary potential through active asset management. A new owner may have the opportunity (SPP) to reposition the center through redevelopment of upper floors to create a residential scheme to complement the existing active retail.

Ashleaf Shopping Center is a busy local center 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 8 km southwest of the city center and approximately 6 km from Tallaght.

The center was constructed in 2000 and comprises of a two-storey shopping center extending to approximately 16,771 sq m in total, of which approximately 8,564 sq m is subject to this sale. The scheme is anchored by Dunnes Stores who occupy a store extending to 8,207 sq m catering for their homeware and grocery offering.

Ashleaf Shopping Center currently attracts a footfall of 4.5 million per annum. The location of the center and its level of convenience to the locality has proven to be a key driver in footfall figures year on year.

“CBRE are anticipating keen interest in Ashleaf Shopping Center. In 2018 the overall investment spend was €3.79 billion of which the retail investment spend accounted for 14% of market. The center is performing very well and serves the surrounding catchment of Crumlin. The scheme is supported by a strong anchor and a complimentary tenant mix. The scale of the center means that it can be easily managed. The scheme will appeal to those who are looking to complete short term asset management and subsequently benefit from a fully let scheme. The possibility of a future development angle to the center subject to planning permission creates further opportunity for investors”, said Natalie Brennan, Senior Director, Capital Markets