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

Irish Independent - Business Week - - COMMERCIAL PROPERTY - PETER FLANA­GAN

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

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 f loors to­gether with 14 of re­tail unit ex­tend­ing in a to­tal f loor 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.

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