TWO IRISH SHOPPING centres have been put up for sale.
Navan Town Centre and Fairgreen Shopping Centre in Mullingar have been brought to the market on behalf of Duignan and McCarthy.
Navan Town Centre generates a weekly footfall in excess of 115,000 people and is anchored by Tesco, Penneys, Dunnes Stores and Marks & Spencer. Other tenants include Boots, River Island, New Look, Dealz, Argos, Easons and Heatons.
Developed in 1980, it has been extended on at least six occasions since 1995, the last taking place in 2009.
Duignan and McCarthy’s interest in the centre generates around €4.7 million a year.
Constructed in 2005 Fairgreen is a modern shopping centre with a net floor area of 105,000 square feet. The centre is anchored by Penneys, who hold a long leasehold interest. Other tenants include TK Maxx, New Look, Dealz, Elverys, Dorothy Perkins and Costa Coffee.
Negotiations on the remaining vacant unit are “at an advanced stage with a UK multiple”, according to the listing, which is set at €11.5 million.
It generates around €1.14 million a year for its owners.
Dessie Kilkenny of joint selling agents Savills – who are working with Cushman & Wakefield - said both centres are expected to attract interest.
Both sales will attract investor interest for different reasons. In the case of Navan, we expect interest from investors seeking to acquire a high footfall shopping centre, in a large commuter town.
“In the case of Fairgreen, we would expect the tenant line-up and attractive yield profile to gain attention. It’s a smaller lot size to that of Navan; however recent lettings certainly demonstrate expanding retailer’s commitment to the centre.”
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