Sligo shopping centre on the market for €5.7m

Johnston Court in heart of the town is home to Boots, Elverys and H Samuel

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.


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.

Fiona Reddan

Fiona Reddan

Fiona Reddan is a writer specialising in personal finance and is the Home & Design Editor of The Irish Times