£3 million sought for car-park and outlets at The Square centre

THE main investors in The Square Shopping Centre, Tallaght, Dublin 24, are seeking in excess of £3 million for a new multi-storey…

THE main investors in The Square Shopping Centre, Tallaght, Dublin 24, are seeking in excess of £3 million for a new multi-storey car-park, five small shops and four retail kiosks in the centre. Spain Courtney Doyle is handling the sale of the portfolio, which is expected to produce an income of at least £275,000 when the remaining retail units are let. Terms have been agreed on three of the shops and two of the kiosks. The retail area will be around 5,500 square feet. The 800-space car-park when sold will be leased on a long-term basis to The Square management company. The initial rent of £75,000 will be paid from the service charges in the centre but the onus will be on the new owners to agree a lease which will allow for regular reviews of the rent. The properties being sold do not carry any tax breaks though there will be capital allowances available on the car-park. The main shareholders in The Square are AIIM, IBI, Salix Trust, GRE, property developer Ken Rohan and solicitor and businessman Noel Smyth.