Wilton letting to set new rent threshold

WITH extension work due to start within a couple of weeks on the Wilton Shopping Centre which sold late last year for over €80 million, a test of what new traders will want to move in to the extended centre is already in train.

A unit at the 25-year-old Cork shopping centre is up for a new letting, with extremely strong demand anticipated.

Unit three is just 950 sq ft, and a rent of €85,000 is guided by Edward Hanafin of Lisney who say it will set a new rent threshold there.

It is one of the few new leases to come available in the centre in years: previous deals were usually sub-lets, he notes.

Unit three, previously occupied by a dry cleaners, is close to Roches Stores, at the northern end of the 55-tenant centre and the 60,000 sq ft supermarket extension plus dozen or so new units will be delivered at the far end of the centre.

Tesco bought the centre from pension fund IPFPUT in December in what was the largest investment sale of 2002, and are to embark on a major extension worth up to €20 million.

Details Lisney 021 4275079.