Broker Savills has put Wilton shopping centre in Cork, South-West Ireland, on the market on behalf of York Capital at a guide price in excess of €86 mln.
The asking price comprises €76 mln for the shopping centre – producing a net initial yield of 6.75% – and €10 mln for a mixed-use development site.
The shopping centre is anchored by Penneys and Tesco (the latter owner occupied) and boasts a footfall of over 5.5 million per annum. The centre is virtually 100% occupied and provides a net operating income (NOI) of €5.54 mln.
Wilton Shopping Centre was built in 1979 and extended in 2003/2004. It includes 11,280 m2 of retail space, excluding the Tesco store, as well as over 1,000 parking spaces.
The asset also offers the opportunity to build upon the existing scheme with current plans including a 190-bed hotel, a 14-screen cinema, a public plaza, a two-storey anchor unit along with other retail and office space, and an 874-space multi-level carpark.
Fergus O’Farrell of Savills commented: 'The opportunity offers future development potential to create a dominant district centre in an area of proven demand, which will ultimately improve the centre and enhance investors' total returns.'
Slew of sales expected
Up to €1 bn of commercial property assets are expected to be put on the Irish market in the autumn months, according to indications from leading brokers in the region.
This week alone, Savills reported a number of new assets reaching the market. A site with planning permission for 419 apartments, a house and seven commercial units in Dublin 7 has been put up for sale with a guide price of €32 mln.
Meanwhile, in Dublin CBD, Savills has brought the Dublin Business School premises to market for €15 mln, representing a capital value of €532 per ft2. The asset is wholly let to the Accountancy and Business College Ireland.
In Limerick, Savills is marketing the CityEast Retail Park with a guide price of €28 mln and an average weighted unexpired lease term of 9.4 years. Tenants include B&Q, Harvey Norman, Halfords, Home Store + More, EZ Living, Home Savers and Maxi Zoo.
