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

Navan Town Centregenerates 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. The perfect blend of convenience and comparison retailers means that Navan Town Centre operates as a ‘7-day a week’ destination centre. 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.

 As the premier retail destination in the extensive North East catchment area, 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. The WAULT offers investors an unexpired term of approximately 7.9 years and the centre offers excellent upside potential through active asset management opportunities. The prospect for a purchaser to grow this income is very positive with both footfall, and consequently turnover, improving in the Centre over the past 24 months. In addition there are a number of new letting prospects within the scheme, which will further enhance yield outlook. 

Fairgreen, Mullingar 

Constructed in 2005 Fairgreen is a modern shopping centre with an exceptional tenant line up. Extending to a net floor area of 105,000 sq. ft. (excluding common areas). the centre, is laid out around a central linear mall with 8 large, modern retail units. Anchored by Penneys, who hold a long leasehold interest, the other tenants include TK Maxx, New Look, Dealz, Elverys, Dorothy Perkins and Costa Coffee. Negotiations on the reaming vacant unit are at an advanced stage with a UK multiple. 

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. 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.”