CITY Square Shopping Centre has been placed on the market for €24.5m. All eyes have been on the central city shopping space since the heavily publicised departure of Debenhams, in the hope that key retail players will take up one of the vacant units. As reported by the Irish Times this morning, US investment fund Marathon Asset Management made the decision to put the shopping centre on the market, where it hopes it will fetch €24.5m. Marathon purchased the shopping centre for €21 million in 2015, which then prompted them to upgrade the centre, including the upstairs food court expansion.
The unit where Dunnes Stores is located is not included in the sale as it is owned separately but the remainder of the centre, including the shopping units housing River Island, JD Sports, Holland & Barrett, and Gamestop, are all included in the sale, as is the former Debenhams store.
Current income being generated through rental is €1.58m per annum. There is a possible €2.6m per annum rental possible should the sale result in the successful letting of the vacant units. There is a 34 unit capacity for retail units and kiosks. 450 car park spaces are included in the sale.
Colliers, one of the world’s leading real estate companies, is handling the sale of City Square for Marathon Asset Management. In a statement given to the Irish Times, they said they are expecting strong interest in the sale, with domestic and overseas buyers showing a real appetite for retail investments of high quality. This decision to sell is the latest in a series of recent asset disposals by Marathon.