Cork’s second largest shopping centre is on the market.
Savills has launched Wilton Shopping Centre to the market on behalf of York Capital, guiding in excess of €86m.
The deal comprises €76m for the shopping centre and €10m for a mixed-use development site.
Conditional permission for a €100m revamp of the centre (plans pictured) has been granted.
A 190-bed hotel, a 14-screen cinema, a public plaza, a two-storey 75,000 sq ft anchor unit along with other retail and office space, and a 874-space multi-level carpark due to be built nearby will also enhance investor returns.
The shopping centre, which was built in 1979, is anchored by Penneys and Tesco (the latter owner occupied) and boasts an impressive footfall of over 5.5 million per annum with a net operating income of approximately €5.54m.
Other key retailers include Peter Mark, Euro Giant, Easons, KBC, EBS Ltd, Boots, New Look, Lifestyle Sports and Specsavers.
Externally, there are two detached blocks, the library which is owned by Cork City Council, and the Bank of Ireland, as well as over 1,000 parking spaces.