Sligo shopping centre on the market for €5.7m

A shopping centre in the heart of Sligo town, home to retailers Boots and Elverys, has been put on the market guiding €5.7 million.

Constructed in 2007, Johnston Court Shopping Centre is a modern shopping centre situated in the heart of Sligo town centre. With average pre-Covid-19 footfall of about 2.2 million, it is home to a host of well-known retailers including Boots, Elverys, Holland & Barrett, EuroGiant and H Samuel.

Twenty-two units at the centre have come to market guiding €5.7 million, in a sale that provides majority ownership of one of the primary shopping offerings in Sligo town. The centre produces an annual net operating income of €669,983, with more than 89 per cent of this income secured against a host of well-known national and international retailers, reflecting a net initial yield of 10.7 per cent, assuming standard purchaser costs of 9.96 per cent.

With a weighted average unexpired lease term in excess of 8.7 years to expiry, the investment offers a number of potential asset management opportunities to increase value, including the letting up of vacant units and carrying out upcoming rent reviews.

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Sales agent Clive Roche of selling agent Cushman & Wakefield said: "Johnston Court Shopping Centre offers investors an excellent opportunity to acquire a modern high-yielding retail investment in a strong regional town and offers a number of asset management opportunities to increase income levels in the short term".

The proposed sale of the Sligo shopping centre is the latest in a line of divestments in the retail sector. Much of this is driven by US investment fund Marathon, which is looking to dispose of a number of its interests, including City Square Shopping Centre in Waterford city and Manor West Shopping Park in Tralee, Co Kerry. It has just agreed a sale for its Parks Collection portfolio, which comprises Belgard Retail Park in Tallaght, the M1 Retail Park near Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary.