Private Irish Investor pays €15.4m for Carlow Retail Park

Just under five years on from its acquisition by Friends First for €16.75 million, Carlow Retail Park has been sold in an off-market transaction to a private Irish investor for €15.4 million.

Located on Hanover Road and approximately 500 metres from Carlow town centre, Carlow Retail Park comprises nine warehouse units with a combined footprint of 9,290sq m (100,000sq ft) along with 600 car-parking spaces. Developed originally in 2003, the scheme is anchored by DIY giant Woodie’s along with seven other tenants, namely Harry Corry, Halfords, Homestore, Pet Mania, Electro City, Right Price tiles and KFC. The letting of the ninth and final unit – unit 6 (710sq m/7,642sq ft) is understood to be the subject of advanced negotiations with a prospective occupier at present.

The anchor tenant, Woodie’s, pays a rent of €577,500 for a store extending to 3,437sq m (37,000sq ft) and a garden centre with a further 2,043sq m (22,000sq ft). The scheme is understood to be generating total annual rental income of €1.25 million, providing the new owner with a net initial yield of 7.5 per cent. That yield is poised to increase once the final unit is let.