Rents of €8.8m lure in Midlands shops disposal

SIX shopping centres, including the largest in the Midlands, have been put up for sale in one lot, guiding at €115 million. The mix, in one lot only and called the Cornerstone Portfolio, has almost 170 shop units plus 150 apartments, and 670,00 sq ft of retail in all.

Offering a return in excess of 7%, it is being offered for receivers Paul McCann and Stephen Tennant of Grant Thornton, and includes the landmark 2007-built Athlone Town Centre (anchored by Marks and Spencer and TK Maxx), which has 210,000 sq ft of retail, and 66 tenants.

Critically that Athlone package also includes 150 one/two and three-bed apartments called City Quarter as a multi-let opportunity, as well as 1,200 car parking spaces. Residential rental levels are said to be high, with a number of corporate lets.