Monday 26 September 2016

Shannon Retail Park in Athlone town centre up for sale through TWM guiding €2.3m

Published 19/05/2016 | 02:30

Strong demand expected: Shannon Retail Centre.
Strong demand expected: Shannon Retail Centre.

TWM expects strong demand for a midlands shopping centre it has put on the market with an asking price of €2.3m.

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The firm is seeking a buyer for the Shannon Retail Centre in Athlone.

The property was previously traded before the crash as the Texas Department Store and was home to a 60,000 sq ft anchor store over three floors together with 14 of retail unit extending in a total floor area of over 90,700 sq ft. The centre was the original home of Tesco in the Town and was extended and modernised in 2005.

"With retail sales and consumer confidence building, occupier demand in the retail sector of the property market is seeing a resurgence," said TWM.

"With this in mind a shopping centre in the centre of Athlone on a 2.85 acre site is being offered for sale at just €25 per sq ft is likely to attract significant interest.

"The centre is in the heart of the main retailing area of Athlone between Golden Island Shopping Centre and the Athlone Town Centre in an established and vibrant retail area," it added.

"The property has been effectively vacant since the property crash however is extremely well finished with fully tiled malls and fitted retail units almost ready for immediate occupation. At €25 per sq ft, the centre is significantly below replacement cost. There are two tenants in external units and an ATM paying a current rent of €66,368 per annum.

The centre interconnects with an adjoining multi storey car park operated by Park Rite with 401 spaces.

Rosemary Casey, who is handling the sale, commented: "It is not often that a completed retail centre at such value comes to the market providing a real and tangible opportunity for an excellent income return and capital appreciation through immediate asset management."

"The property will be of interest to owner occupiers, developers and investors. In addition the building has outstanding potential for alternative uses subject to planning permission," TWM added.

Peter Flanagan

Indo Business

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