Mullingar shopping centre returns to market for €8.6m

Eighteen months after the sale of the Fairgreen Shopping Centre in Mullingar fell through, newly appointed selling agent CBRE is relaunching the high-grade retail investment, which is expected to appeal to private investors.

Natalie Brennan of CBRE is now quoting a guide price of €8.6 million, considerably less than the €11 million valuation considered by Oaktree in March 2017 before it pulled out of the deal.

Car Val Investors originally bought the loans underpinning the Fairgreen retail complex and Navan Town Centre after the property market crashed around 2008. The latest asking price will show a yield 7.34 per cent and reflect a capital value of €145 per sq ft. The current rent roll of €685,029 includes income from 300 car parking spaces at basement level.

The town centre complex has imminent reversionary potential with a fashion trader lined up to occupy a vacant 465sq m (5,010sq ft) shop – one of two available units in the centre – and the opportunity to bring the yield closer to 9.40 per cent.

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Fairgreen Shopping Centre has traded exceptionally well since it opened in 2005 largely because of the appeal of anchor tenant Penneys, which occupies a substantial space extending to 5,202sq m (56,000sq ft).

The second anchor tenant, TK Maxx, is also a huge attraction, trading alongside New Look, Elverys and Dealz.

CBRE estimates that the two vacant units with a combined space of 837sq m (9,009sq ft) will bring in an additional annual income of about €140,000.

The centre has a particularly strong and complementary tenant mix.