€18m for Athlone centre on 2.75 acres

RedevelopmentSites:The 1970s Athlone shopping centre - just like the former Texas store in Mullingar - is likely to be redeveloped, writes Jack Fagan

The original Athlone shopping centre - dating from the 1970s - is to be offered for sale in the run-up to the opening on November 1st of the €220 million Athlone Town Centre.

The new retail complex is less than 200 yards from the older one which is owned by businessman Thomas McNamara, the proprietor of a number of Texas department stores.

Robert McNamara of Bannon Commercial is seeking €18 million for the old shopping centre which is likely to be redeveloped. It will be producing a rental income of €246,000 after the main anchor tenant and two other traders move out on completion of the sale.

Bannon is also looking for over €6 million for the former Texas department store in Mullingar which is owned by McNamara.

The dated Athlone shopping centre has an overall size of 8,348sq m (89,857sq ft) and stands on a site of 2.75 acres. There are 11 internal mall units, three external shops and an anchor store of 5,630sq m (60,600sq ft) which is to be vacated by Texas.

Warehouse, with 953sq m (10,258sq ft), and Spar with 717sq m (7,718sq ft) are also moving out.

The centre was refurbished in recent years and adjoins a 400-space multi-storey car-park. There are also 44 surface car-parking spaces opposite the entrance.

The centre is strategically located between the newly developed Athlone Town Centre and Golden Island where Tesco and Penneys are the main anchors.

The former Texas department store at Austin Friar's Street in Mullingar is also likely to be redeveloped when sold.

It has a floor area of 1,364sq m (14,682sq ft) at ground and mezzanine level, and stands on a site of 0.35 of an acre next to the town council's 170-space car-park.

The area is the subect of an urban design framework plan to develop it as a significant mixed-use facility.