Harbour place shopping centre is up for sale

Wednesday, 19th November, 2014 11:20am

Harbour place shopping centre is up for sale

Harbour Place Shopping Centre in Mullingar is up for sale.

The shopping centre – home to big name shopping giants such as Dunnes Stores, Boots, Holland and Barrett and Peter Mark -  has been listed as one of five which have been put up for sale as a package, with an asking price of €50m.

Auctioneers Bannon and Lisney in Dublin are jointly handling the sale of The Harvest Portfolio, which comprises Johnstown Shopping Centre in Navan, Cashel Town Shopping Centre, Thurles Shopping Centre and Dungarvan Shopping Centre, as well as Harbour Place.

Jointly, the five have an initial yield of 9.2%, and Mullingar generates an income of approximately €970,000 rent per annum.

Investors are being told that Harbour Place’s primary catchment population amounts to 54,398, made up of 19,132 households, with an ABC1 rating of 51 per cent.  The shopping centre has 550 car parking spaces in one lot, and 200 in its second carpark, which is also included in the sale.

The auctioneers say of The Harvest Portfolio that it will afford purchasers the prospect of long-term income along with asset management and value add opportunities including leasing and development at a key time in the Irish retail market.

Across the five properties, there are 100 tenants, and 23,623 square metres of space.

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