Cork’s second largest shopping centre on the market for €86m
Savills has launched Wilton Shopping Centre to the market on behalf of York Capital, guiding in excess of €86m which comprises €76m for the Shopping Centre – producing a net initial yield of 6.75% – and €10m for a mixed-use development site.
The established shopping centre is anchored by Penneys and Tesco and has a footfall of over 5.5m per annum. The centre has retained a near 100 per cent occupancy. The net operating income (NOI) for the centre is approximately €5.54m.
Wilton Shopping Centre includes approximately 121,388 sq ft of retail space, excluding the Tesco store and stands on a site of around 11 acres. Within the shopping centre, the dominant anchor is Penneys with other key retailers being Peter Mark, Euro Giant, Easons, KBC, EBS Ltd, Boots, New Look, Lifestyle Sports and Specsavers. Externally, there are two detached blocks, the library which is owned by Cork City Council, and 7,16 sq ft Bank of Ireland which forms part of this sale. The centre also includes parking with over 1,000 spaces.
Fergus O’Farrell of Savills commented: “Wilton Shopping Centre is a dominant retail location with unrivalled foot footfall of over 5.5 million each year. The unique combination of accessibility from across the city and suburbs, proximity to the two largest third level institutes and Cork University Hospital, and home to Penney’s only suburban Cork store ensure that Wilton is a sustainably strong retail location with a diverse consumer base supporting the range of retailers within the scheme. In addition, the opportunity offers future development potential to create a dominant district centre in an area of proven demand, which will ultimately improve the centre and enhance investors total returns.”