Westside shopping centre goes on sale for almost €10 million

Westside shopping centre goes on sale for almost €10 million

Westside Shopping Centre in Galway city has gone on sale today for a base price of €9.6 million.

Built in the 1980s, the shopping centre has 14 units including Dunnes Stores together with its Drive-thru McDonalds and Maxol service station.

Dunnes Stores makes up the backbone of the centre with its 3,808m² store and 280 car parking spaces.

The supermarket, and serveral of the shopping centre’s other retail units have been sold off on a long leasehold basis.

The Irish Times reports that the shopping centre commands a net operating income of €750,000 a year.

Nearly 40% of this revenue is generated by McDonald’s, Maxol, Boyle Sports and the Driving Test Centre managed by the OPW.

The sale is being handled Cushman and Wakefield real estate brokers.

They say the investment will show a net initial yield for the buyer of 7.25% based on standard purchaser costs of 8.46%.

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