Tuesday 25 September 2018

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Put that in your trolley!

Friday, 7th September, 2018 10:44am

Michael Olney

 

The second largest shopping centre in Cork has recently been put up for sale it has been revealed.

Wilton Shopping Centre, Cork’s dominant retail centre, has been placed on the market for a sum of €86 million by real estate advisory firm Savills on behalf of York Capital.

The busy centre, which spans an area of 11 acres, is home to a large number of both Irish and international businesses including Tesco, Pennies, Peter Mark, Boots, Lifestyle Sports, Specsavers, Easons and many more, and has ample parking with over 1,000 spaces available.

The  centre has maintained an almost 100 per cent occupancy with virtually all of its 121,388 square feet of retail space in constant use.

Constructed in 1979 and extended between 2003 and 2004, Wilton Shopping Centre sits just off Sarsfield Road within the suburbs of Wilton and Bishopstown just three kilometres from Cork city centre.

Fergus O’Farrell of Savills said: “Wilton Shopping Centre is a dominant retail location with unrivalled footfall of over five and a half million each year.

“The unique combination of accessibility from across the city and suburbs, proximity to the two largest third level institutes and Cork University Hospital, and home to Penney’s only suburban Cork store ensure that Wilton is a sustainably strong retail location with a diverse consumer base supporting the range of retailers within the scheme.

“In addition, the opportunity offers future development potential to create a dominant district centre in an area of proven demand, which will ultimately improve the centre and enhance investors’ total returns,” said Mr O’Farrell.

Notification of a decision to grant planning permission was recently received for the retail centre’s northern section, close to Cork University Hospital and the Maternity Hospital. This included plans for a 190 bed hotel to serve hospital visitors and other guests, a 14 screen cinema, a public plaza, a two storey 75,000 square foot anchor unit along with other retail and office space, and an 874 space multi-level carpark.

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