Golden Island SC in Athlone for sale
Retail giant Tesco has revealed plans to sell off the lucrative Golden Island shopping centre in Athlone.
Print15 July 2015
Athlone’s Golden Island shopping centre is to be sold by owners Tesco with the price expected to be in excess of €40m, according to a report in The Irish Times. The move comes amid an ongoing shift in focus by the retail giant that includes the closure of a large number of stores in the UK. The deal in Athlone, however, will not include the 3089 sq m Tesco store, agents TWM have said. Interested parties will be invited to make bids with the Tesco store included and also excluded. The rent for the supermarket unit is expected to yield apprximately €800,000 to €1m er annum.
The €40m guide price for the centre is made under the prediction of a rental income of €3.1m and will provide the new owner with an initial yield of 7.42%.
Following on from last week’s announcement that the majority shareholder in Dublin’s St. Stephen’s Green centre is to sell part of its stake, Tesco’s decision to sell Golden Island is further evidence of demand for such investments and a sign of ongoing economic recovery.
With a retail floor area of more than 14,000 sq m, shared by 45 retailer (some of which are owner-occupied), a cinema and a and a 1,000-space car park on just under 18 acres, the Golden Island centre was developed in 1996 and enjoys a pedestrian footfall of around 65,000 per week, peaking at 100,000 at Christmas time.
Image: The Irish Times
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