Five small provincial shopping centre are to be offered for sale on the instructions of the National Asset Management Agency, (NAMA).
Joint agents Bannon & Lisney are to seek in excess of €50 million for these grocery-led centres which includes Thurles shopping centre, where Dunnes Stores are the major attraction. The other four centres are named as Mullingar, Navan, Dungarvan and Cashel, latter situated some 15 miles from Thurles and anchored by Tesco.
The combined Portfolio currently produces a rent of €4.8 million which will give any future purchaser an initial yield of slightly over 9%.
There are some 100 traders operating in all these five centres, which have an overall combined floor area of some 24,154sq metres (260,000sq ft) and a vacancy rate of 2,787 sq metres (30,000sq ft).
This portfolio also includes more than five acres of development land, much of which is expected to be further developed should any pick up in the Irish retail market transpire.
Thurles Shopping Centre has an overall retail area of 4,645 sq metres (50,000sq ft) not including the main supermarket which is owned by Dunnes Stores. The centre is producing a rental income of €1.15 million and with an average of 6.9 years still unexpired on the various leases the centre could well be valued at about €12 million.
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