A largely vacant shopping centre in the centre of Athlone which closed during the property crash is to be sold off at a knockdown price of €2.3 million – the equivalent of €25 per sq ft. Building costs for similar projects now stand at over €100 per sq ft.
Rosemary Casey of agents TWM is handling the sale of Shannon Retail Centre which stands on a site of 2.85 acres between Golden Island Shopping Centre and Athlone town centre.
It originally served as a supermarket for Tesco, and after the UK multiple moved to Golden Island the newly named Texas Department Store was upgraded and extended to accommodate a further 14 retail outlets.
The overall complex with newly tiled malls now extends to 8,426sq m (90,700sq ft) including the 5,574sq m (60,000sq ft) anchor store.
The centre has effectively been vacant since the property crash apart from two tenants still trading in external units and an ATM cash dispenser which are bringing in combined rents of €66,368.
The centre interconnects with an adjoining multi-storey car park with 401 spaces which is separately for sale through Lisney at €200,000.
Agents TWM say the buildings could be put to alternative uses subject to planning permission. The same agency recently sold off t he 150,000sq ft Golden Island shopping centre for €43.5 million.
