Southgate, Drogheda, Meath

€31,500,000

Beds
Price	€31,500,000
Property Type	Investment Property
Size	meters²
Energy Rating	BER-D1
Refreshed on
Eircode	A92 TWE2
Group Name	Colliers
Sales License Number	001223

Description

Located on the Southern edge of Drogheda with high profile frontage to the N1 Dublin to Drogheda Road, SouthGate Shopping Centre is a retail and office destination for the densely populated hinterland. SouthGate’s mix of retail, leisure, cafés, and restaurants make it a destination for the Louth, Meath and North Dublin region. Southgate Centre is a modern purpose-built mixed-use development that provides a mix of uses including retail, office, civic, car parking and residential. The residential element comprises 64 apartments with an attractive mix of 1,2 and 3 beds on the east side of the development. The development was constructed in the early 2000’s and provides approximately 5,328 sq. m. (57,350 sq. ft.) of retail accommodation, approximately 8,696 sq. m. (93,592 sq. ft.) of office accommodation, 64 residential units and approximately 730 public car parking spaces located at street, basement and car park to the rear. The scheme is anchored by Dunnes stores (separate ownership). The residential element comprises 64 units, with an attractive unit mix of 11 no. 1 beds, 40 no. 2 beds and 13 no. 3 beds. The apartments are generous, with average unit sizes of 878 sq. ft. The units are finished to an exceptional standard and present in excellent condition. The apartments are considered under-rented with average rent for 1 beds of €1,025 per month, 2 beds at €1,224 per month and 3 beds €1,423 per month. The offices boast high-calibre occupiers, including government agencies HSE/Tusla and major multinational Coca Cola who between them account for approximately 90% of the office income. The HSE hold two leases for 15 years from June 2022 and December 2017 respectively at a combined rent of €360,592 per annum from where they operate their Environmental Health Services offices. Tulsa, the state-backed child, and family agency have a 10-year lease from July 2019 at a rent of €172,000 annually. Coca-Cola employs around 200 people in Drogheda. Southgate is home to their integrated services organisation, which provides a broad range of support services globally, including finance, procurement, human resources, and several other areas. They hold a lease for 20 years from January 2011 at a rent of €438,508 per annum, subject to a break option in June 2026 subject to 9 months written notice.

Features

High-yielding mixed-use investment opportunity Extending to 151,492 sq ft (93,592 sq.ft Office / 57,350sq.ft Retail) and 64 apartments with substantial car parking for 730 car spaces Passing rent of €2,465,560 per annum Office €1,097,550 p.a / Retail - €424,750 p.a / Residential - €943,260 p.a Offices WAULT c.6.7 years to break and c.8.8 years to expiry Retail WAULT c.3.5 years to break and 5.44 years to expiry Total Commercial WAULT c.5.68 years to break and 7.89 years to expiry. Guiding €31.5million for the entire, comprising the shopping centre, car park, and residential development Blended NIY 7.3% assuming standard purchaser’s costs of 9.96% and 6% after landlord holding costs.

BER Details

BER: D1

Description

Features

BER Details

BER: D1