Barrett’s move to dispose of the well-known scheme follows several off-market approaches over recent months from investors interested in acquiring it.
The scheme comprises about 21,560sq m of retail space and is anchored by Dunnes Stores, Sports Direct and Boots. The district centre is also home to More 4 Less, Eddie Rocket’s, Regatta,, Card Factory, Apache Pizza, a creche and a medical centre. Odeon Cinemas and Leisureplex also formpart of the scheme along with a strong mix of tenants in the food, medical and supports services sectors.
The current occupancy rate is circa 98 per cent, with just two vacant retail units and a weighted average unexpired lease term of eight years to break option and 10 years to expiry. The total passing rent is expecte to approach €4 million once the new lettings are delivered. Charlestown Shopping Centre has seen significant change over the last three years under the direction of Barrett and his company’s asset management team.