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Units 1-8 Silverbridge Shopping Centre, Claremorris, Co. Mayo, F12 X4K0

€1,700,000

Property Features

  • Strong performing, service led, regional shopping centre 
  • Comprising of 8 retail units
  • Current passing rental income €216,100 p.a.*
  • NIY of 11.6%* (Once legacy leases are re-geared)
  • WAULT of 10.5 years
  • Highly accessible surface car parking with approx. 385 spaces
  • Tenants not affected
  • * Please see details in the Tenancy section below

Johnny O'Connor

Registered Surveyor, here to help.

Nana Collins

Registered Surveyor, here to help.

Fiona Fahy

Solicitor

About This Property

Silverbridge Shopping Centre is a modern, purpose built shopping centre comprising of a large anchor grocery store and 8 mall fronting retail units. The grocery store, Tesco, occupies their own unit and does not form part of this sale.

The centre generates footfall from the immediate Claremorris area and due to the strength of the Tesco Superstore offering the catchment extends to the greater Mayo, Roscommon and Galway border areas.

All units are situated on the Ground Floor and range in size between 365 sq ft and 2,311 sq. ft. These front onto a double height, covered mall which is naturally lit through the glazed mall roof.

Silverbridge Shopping Centre is a service led retail centre, offering a range of retail uses including Pharmacy, Café, Newsagent, Health Store, Hair and Beauty, Butchers and Jewellers.

A management company is in place who is responsible for the management and upkeep of the common areas, therefore the centre has been well maintained and kept in very good condition. 

The common areas and car park do not form part of the sale.

 

Location

Silverbridge Shopping Centre is located in Claremorris, a town situated in the south of Co Mayo, with a population of approx. 3,687 people according to the 2016 Census. 

Claremorris is located along the M7, with

  • Castlebar approx. 26 km to the west,
  • Tuam 28 km south and
  • Roscommon town approx. 50 km to the east.

Claremorris is easily accessible via the national motorway and road network as well as by train via the Dublin - Westport rail service.

Silverbridge Shopping Centre is situated at the northern end of Claremorris town centre with convenient access directly off the N60.

Retailers present within the town include Aldi, SuperValu and a number of independent retailers.

Tenancy

* There are 6 tenancies in place, a number of which are currently in negotiation to re-gear the legacy leases, as outlined in the table below. The rents detailed below reflect the anticipated re-geared lease rent. Details are included in the legal pack. 

UnitsSize
Sq. Ft.  
OccupierLease StartLease End / Break OptionLease Re-geare ongoingCurrent Rent psfCurrent Annual Rent
12,311TPOS Healthcare Limited01-Mar-2129-Feb-31No€21€47,500
2635Honeybee Health Food Store26-Apr-2127-Apr-25Yes€25€15,600
3365David Martin Hairdressing05-Jan-1104-Jan-31No€41€15,000
4850Vacant**--No€0€0
51,528Jack Dylan Jewellers26-Nov-0725-Nov-32Yes€21€32,000
61,528Daily’s Newsagents26-Nov-0725-Nov-32No€19€29,000
71,507The Food Store01-May-0801-May-33Yes€23€35,000
81,399O’Hehir’s Café14-Apr-0814-Apr-33Yes€30€42,000
Totals10,123     €216,100

** Previously Carphone Warehouse who have surrendered their lease as of 31st May 2021; two alternative occupiers have expressed interest.

No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.