Navan and Mullingar shopping centres hit the property market
Two of Ireland's best-known regional shopping centres have been placed on the market with agents hopeful for strong interest from potential buyers
22 September 2016
Two of Ireland’s premier regional shopping centres, Fairgreen Shopping Centre in Mullingar and Navan Town Centre, have been placed on the market with guide prices of €12.5m and €62m respectively. Navan Town Centre is described by Irish Building Magazine as the “premier retail destination in the North East catchment area”, with footfall in excess of 115,000 people.
The site, developed in 1980 and renovated on six occasions since then, is anchored by Tesco, Penneys, Dunnes Stores, and M&S, and is also home to branches of Boots, River Island, New Look, Dealz, Argos, Eason and Heatons.
Irish Building Magazine reports that Navan Town Centre offers a net operating income of approximately €4.7m per annum, with strong potential for growth.
Meanwhile, Mullingar’s Fairgreen boasts a total floor area of 105,000 sq ft, and is anchored by Penneys (who hold a long leasehold interest), and also is home to TK Maxx, New Look, Dealz, Dorothy Perkins, Costa Coffee and more. The sites NOI is approximately €1.14m, an amount that is set to increase when a vacant unit on the site becomes occupied.
Dessie Kilkenny of Savills said investors should be attracted to each site for different reasons. “In the case of Navan,” he said, “we expect interest from those seeking a high footfall shopping centre. Fairgreen, on the other hand, should gain attention for its tenant line-up and attractive yield profile.”