It was announced today that Savills and Cushman Wakefield have been instructed to sell two of Ireland’s premier regional shopping centres – Navan Town Centre (€62m) and Fairgreen Shopping Centre (€12.5m) – on behalf of Duignan and McCarthy.
Navan Town Centre generates a weekly footfall in excess of 115,000 people and is anchored by Tesco, Penneys, Dunnes Stores and Marks & Spencer. Other tenants include Boots, River Island, New Look, Dealz, Argos, Easons and Heatons. Developed in 1980, Navan Town Centre has been extended on at least 6 occasions since 1995 to meet tenant demand, the last taking place in 2009.
Navan Town Centre has consistently performed as one of Ireland’s best trading shopping centres. Navan is the administrative, employment and recreational centre for County Meath and acts as a commuter town to Dublin.
Navan’s population growth is expected to increase significantly in the short to medium term. Duignan and McCarthy’s interest is currently generating a Net Operating Income (NOI) of approximately €4.7 million per annum.
Constructed in 2005 Fairgreen is a modern shopping centre with an exceptional tenant line up. Anchored by Penneys, who hold a long leasehold interest, the other tenants include TK Maxx, New Look, Dealz, Elverys, Dorothy Perkins and Costa Coffee.
Overall the centre provides an incoming purchaser with a NOI of approximately €1.14 million, which will increase immediately on completion of the aforementioned vacant unit letting. The current WAULT offers investors an unexpired term of approximately 5 years, with opportunities to increase income through the car park and mall area.
Dessie Kilkenny of Savills commented, "Both sales will attract investor interest for different reasons. In the case of Navan, we expect interest from investors seeking to acquire a high footfall shopping centre, in a large commuter town."
He added, "In the case of Fairgreen, we would expect the tenant line-up and attractive yield profile to gain attention. It’s a smaller lot size to that of Navan; however recent lettings certainly demonstrate expanding retailer’s commitment to the centre."