Meridian Point Sells For €7m+

One day, all this…

irst opening its doors in 2004, Greystones’ main street shopping centre Meridian Point went to market in January 2023.

When the guide price was put at €5.5m.

For this, you’d 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.

And now, a private Irish investor has purchased the Greystones centre for more than €7m.

In total, there are 20 tenants at Meridian, with the net rent recievable 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. The selling price of €7m+ sets that net initial yield at 8%.

The prospects are healthy, of course, given that Greystones’ population seems to be doubling every five years.

The Cosgrave Group also got planning approval last November for a food hall with a kiosk and food trucks. Which should be nice.

Fergal Burke of Avison Young – the global agents acting on behalf of The Cosgrave Group for the sale – told The Irish Times when the Greystones centre went on the market, “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 about the property on the Avison Young website here.