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Rivergate Shopping Centre

Rivergate Shopping Centre, Irvine, KA12 8EJ 353,562 sq ft

Description

Please click on the link below to view a copy of our marketing particulars for this dominant regional shopping centre anchored by Asda and Primark. The salient terms of this investment opportunity are set out below:- Rivergate is the dominant shopping centre in Irvine, Ayrshire, situated 32 miles south west of Glasgow. A convenience-led centre serving a loyal catchment, extending to circa 200,000 people within a 20 minute drive time. Anchored by strong footfall drivers Asda (33.3% of the income) and Primark (11% of the income), who both trade well here. The centre provides approximately 353,562 sq ft of accommodation across 62 units and Rivergate House providing circa 12,500 sq ft of office floorspace. Approximately 85% of the income is secured against national multiples. The top 5 tenants by rent are Asda, Primark, Wilko, Boots and Poundland, accounting for 58% of the total income. Other key retailers include JD, Superdrug, Specsavers, Holland & Barrett, Deichmann, JD Wetherspoon, Body Care, Card Factory, Vodafone, EE, Costa and Greggs. WAULT of circa 4.6 years. Active asset management opportunities. 1,100 car parking spaces with free parking for up to 4 hours and on weekends. Total gross income of £3,741,839 per annum. Net operating income, after deductions of shortfalls, of £2,619,240 per annum. Large site of 18.2 acres (7.37 hectares). Held feuhold and long leasehold. We are instructed to seek offers in excess of £24,533,000 (Twenty Four Million, Five Hundred and Thirty Three Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 10.00% based off the net income, assuming standard purchaser’s costs. This equates to a low capital value of £69 per sq ft.

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