Healthy €1m pharmacy investment in Charleville town centre

The unit, occupied by McCabes Pharmacy, generates €180,000 in annual rent

McCabes Pharmacy, Charleville Shopping Centre, North Cork is on the market for €1m

A high-yielding North Cork pharmacy investment generating annual rental income of €180,000 is fresh to market in Charleville with a guide price of €1m.

Located in Charleville Shopping Centre — which is also up for sale — the asset offers investors a net initial yield of 16.3%.

Charleville Shopping Centre is on the market for €3.5m

The property is occupied by McCabes Pharmacy, formerly Lloyds Pharmacy, who have seven and a half years left to run on a 25-year full repairing and insuring lease from October 2008. The lease structure includes upwards-only rent reviews, indicative of secure and predictable income.

David McCarthy, divisional director of Sherry FitzGerald Commercial, said the property “represents a rare opportunity to acquire a compact, easily managed investment underpinned by an exceptionally strong covenant, long unexpired lease term and guaranteed income, which makes this an ideal private pension investment”.

Mr McCarthy is also handling the sale of the shopping centre, which went to market last September with a guide of €3.5m — a fraction of the €20m it cost to build just ahead of the financial crash in the noughties. It last changed hands in 2018 when Solas Financial bought it from receivers Deloitte. Mr McCarthy said interest in the shopping centre was “good, with strong offers”. Solas Financial has in the meantime decided to sell off the pharmacy unit, “because of its strong income and covenant”.

The prominent, fully-fitted 3,165 sq ft property sits directly opposite anchor tenant Dunnes Stores and fronts onto a busy, partially covered pedestrian street linking Main Street and Bakers Lane, benefiting from extensive glazing and strong footfall.

Anchor tenant Dunnes Stores is opposite McCabes Pharmacy at Charleville Shopping Centre

The tenant forms part of the Phoenix Group, Europe’s pharmaceutical wholesale and retail operator. The German group acquired Lloyds Pharmacy’s Irish operations in 2023 and subsequently purchased McCabes Pharmacy in 2024, consolidating the brands under the McCabes name to create the country’s largest community pharmacy network.

Purpose-built Charleville Shopping Centre, developed in 2007 , is the main commercial hub for the surrounding hinterland and is c 85% occupied, with annual footfall exceeding 750,000 visitors.

In addition to its Dunnes Stores anchor, tenants include Insomnia Coffee Company, Elverys and DV8 Fashion. The scheme is managed by Savills and features a recently refurbished common area and a 450-space multi-storey car park serving the wider town and generating footfall through the centre.

The mixed use development is just off the N20 main Cork to Limerick Road, with 15,000 vehicles passing daily.

Charleville Shopping Centre in in the town centre

Charleville train station is within walking distance, and bus services link the town centre to both Cork (60km south) and Limerick (40km north).

Charleville Town Centre was developed on a four acre site, acquired in 2004 at a reported site cost of €4m by Beaux Walk Properties (BWP) and completed in 2007 by Barry Boland of BWP Charleville Ltd at an estimated cost of €20m.

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