Eyre Square Shopping Centre sells for more than €9.5m

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Galway Daily business Eyre Square Shopping Centre sells for more than €9.5m

Eyre Square Shopping Centre has been sold for more than nine and a half million euro.

The Irish Times reports that the shopping centre, which went on sale last August attracted a price of €9.575 million.

The sale was handled by Colliers investment management company on behalf of its US owners Marathon Asset Management.

The final price reported by the Irish Times is significantly less than the €12.75 million price advertised for the property.

The shopping centre, which saw more than 270,000 people passing through a week back in 2019, is part of a larger complex together with Corbett Court and Edward Square Shopping Centres.

While the total complex comprises more than 70 stores, this sale was confined to eight retail units, common area / mall units and control of the centre.

This includes units rented by brands such as JD Sports, Vero Moda, and Diesel, and a currently vacant corner unit.

A number of common area units over two floors, made up of multiple short and long term
rolling licence agreements  for various kiosks, store rooms, telecoms masts and general mall income, are also part of the package.

The prime retail units take in €869,200 per annum, with another €160,202 from common area units, giving it an annual income of €1,029,402.