irst opening its doors in 2004, Greystones’ main street shopping centre Meridian Point is going on the market.
And it could be yours for just €5.5m.
For this, you’ll get not only the likes of Chakra, The Grafton Barber, Costa Coffee and the town post office, but also 180 town centre car parks.
Which might actually be worth more than the businesses.
In total, there are 20 tenants at Meridian, with the net rent receievable being €582,852 per annum, with a weighted average unexpired lease term of 7.05 years to lease expiry and 5.24 years to lease break. All of which means that the guide price of €5.5m offers the lucky buyer a net initial yield of 9.64%, along with the distinct opportunity for growth.
Given that, lately, Greystones’ population seems to be doubling every five years.
The Cosgrave Group currently have a planning application in for a food hall with a kiosk and food trucks, with the decision due onFebruary 1st.
Fergal Burke of Avison Young – the global agents acting on behalf of The Cosgrave Group – told The Irish Times, “Retail assets such as Meridian Point have proven their resilience during challenging times in the market in recent years.
“This centre is a prime example of the resurgence evident in local neighbourhood shopping, due in part to the shift towards hybrid working and working from home.”
Well, he’s got us excited, and no mistake. You should be able to find out more on the Avison Young website here.
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