Value Enhancement

Enhancement of development viability of partially excavated extension which allowed completion and subsequent boost in NOI for the asset.

On Acquisition

An existing retail park with planning permission for a mixed retail & office extension with the basement partially excavated.

Actions Undertaken

The asset management strategy identified the missing uses from the catchment area which included open use retail. While there was demand for office accommodation in Galway, the rent did not support the development of accommodation.

Surplus lands were identified as suitable for mixed use retail, residential and cinema. The Galway bypass, required road revisions on site including exit revisions to the retail park.

A revised planning permission for phase 2 was successfully granted to remove the upper floors, leaving a double height retail extension. Pre Let negotiations allowed 50% of the accommodation to be let ahead of contractor appointment in Q1 2018. Approximately 600 sq.m. of accommodation was sold to Dunnes to allow an expansion of their store.

The extension opened in September 2021 with occupiers including Harvey Norman, Boots, Carraig Donn, Regatta.  Surplus lands will accommodate significant residential, food & beverage and leisure accommodation.

Performance Stats

Rent roll doubled through development cost of €20m.

Images