Dunloe sells centre to Tesco Ireland

Dunloe Ewart has announced the sale of the Maynooth Shopping Centre to Tesco Ireland. The consideration has not been disclosed, but is understood to have been more than £2.5 million. The centre was one of the first properties backed into Dunloe by Mr Noel Smyth. It was valued at £1.6 million in Dunloe Ewart's balance sheet. Tesco has traded as Quinnsworth in the centre since 1987 and, as the anchor tenant, owns 19,000 sq ft. Dunloe Ewart has, in effect, sold the remaining 11,000 sq ft held by 18 units under leases. There is also planning permission for a further 15,000 sq ft which Dunloe Ewart received. In all, the leases were generating an annual rental of £170,000, which puts the consideration on a 6.5 per cent yield.