THE SECOND-LARGEST SHOPPING centre in Cork has been placed on the market with a guide price of €86 million.
Wilton Shopping Centre, which was constructed in 1979, is located 3 km south-west of Cork city centre and owned by US hedge fund York Capital Management.
It is based close to Cork University Hospital and has both University College Cork and Cork Institute of Technology on its doorstep.
The sale consists of €76 million for the shopping centre aspect of the property and €10 million for a mixed-use development site.
The 11,277 sq m of retail space for sale includes a large Penneys stores and other outlets such as Eason, Boots, New Look and Lifestyle Sports. The property on site that houses the Tesco supermarket is not part of the sale.
Wilton also has 1,000 parking spaces, with an opportunity to significantly develop on the existing land, according to agents for the deal Savills.
The centre has a footfall of over 5.5 million per annum and yearly net operating income of €5.54 million.
A number of Irish shopping centres have traded hands in recent years. Blanchardstown centre was sold for €950 million in the single most expensive property deal to date, while Liffey Valley in west Dublin was bought for €630 million.
Savills investment director Fergus O’Farrell said that Wilton Shopping Centre is a “sustainably strong retail location with a diverse customer base”.
The property group added that a notification has been received of decision to grant planning permission to expand Wilton Shopping Centre’s northern section.
These development plans include the construction of a new 14-screen cinema, a public plaza, further retail and office space and a multi-level carpark.
Written by Sean Murray and posted on TheJournal.ie. Additional reporting by Killian Woods.