Fairgreen Shopping Centre is anchored by Tesco, Heatons and an IMC Cinema. All three are owner-occupiers at the Carlow schemeHaving failed to find a buyer when it was last offered for sale for €36 million in 2016, Carlow’s Fairgreen Shopping Centre is back on the market at a new and much-reduced price of €22.85 million.
Developed by Northern Ireland businessman Dr Gerard O’Hare, whose company Parker Green International also built The Quays shopping centre in Newry, Co Down, the scheme extends to 23,117sq m of retail space and is producing a current net rent roll of €2.36 million per annum. The proposed sale of the shopping centre by agent JLL on behalf of receivers EY offers the prospective purchaser the opportunity to secure a net initial yield of 9.4 per cent.
Located in the heart of Carlow town, Fairgreen Shopping Centre comprises 50 retail units including kiosks providing a mix of grocery, fashion and service-led retailers such as New Look, Costa, Eurogiant, Carraig Donn, Elverys, River Island and JD Sports. The combination of these tenants and the centre’s three owner-occupier anchors – Tesco, Heatons and an IMC cinema – help to attract a footfall of some three million visitors per annum. The two main phases of the three-phase scheme are practically fully let at present with just one kiosk space unoccupied, while the centre has 762 surface car-parking spaces offering three-hour free parking.