US Firm bids for Eyre Square Shopping Centre

A New York-based asset management firm has reportedly made a bid for the freehold interest in the Eyre Square Shopping Centre.

According to a report in the Irish Times, the bid by Marathon Asset Management is in the region of €23 million.

The freehold interest in the centre concerns a select number of stores and areas within the shopping complex, which currently produces a rental income of more than €2 million per year, and a net return of almost nine per cent. These figures are expected to rise in future, once planned structural changes are completed.

The freehold interest in the centre comprises three large stores which are currently rented by New Look, Penneys, and JD Sports; the common areas; the well-known ramped entrance off the square which includes several retail units and kiosks; the adjoining building at 19 Eyre Square; as well as overall control of the superior interest in the centre.

The sale will also include the redevelopment of the ramped Eyre Square entrance to the complex, for which planning permission is being sought.

The plans includes the demolishing of the existing entrance building and the construction of a new modern entrance building, three storeys in height, that will accommodate new retail units and a cafe/restaurant area. There are reportedly further plans to convert the ground floor area of the shopping centre into a food court.

 

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