Athlone towncentre on the market

The for sale sign is up in Athlone Towncentre, it’s emerged today.

The centre, open since 2007, is one of six provincial shopping centres put on the market in one lot with an asking price of €115 million.

National media reports today estimate that the Athlone facility could sell for somewhat above €61 million. It currently has a rent roll of over €4.8 million, with another €1.3 million yearly earnings from 150 apartments adjacent to the centre.

Housing over 60 shops, Athlone Towncentre was valued at over €300 million before the economic downturn.

The other shopping centres up for sale include a major stake in Kilkenny’s McDonagh Junction, Gorey Shopping Centre in Wexford, Tipp Town Centre in Tipperary, Galway’s Westside and the Orwell Shopping Centre in Templogue, Dublin.

John Moran of agents JLL is marketing the centres for Paul McCann and Stephen Tennant of Grant Thornton who were appointed receivers by AIB.