New York-based Avenue Capital Group has bought Manor Mills Shopping Centre in Maynooth, Co Kildare, for close to €14 million – a long way from the €48 million used to prefund the complex before the property crash.
The centre is anchored by Dunnes Stores and producing a rental income of around €1,229,000 per annum. Last year Avenue Capital, with the support of Davy, purchased four provincial shopping centres for €40 million. The Harvest portfolio included shopping centres in Dungarvan, Mullingar, Cashel and Johnstown in Navan.
Manor Mills has 26 shops, four kiosks and a restaurant and extends to 10,851sq m (116,803sq ft). It is trading strongly largely because of its convenient location in the town centre next to St Patrick's College and Maynooth University. The centre does not charge for parking in its 500-space underground car park, even though Kildare County Council charges for on-street parking in the town.
Dunnes Stores owns its own 6,675sq m (71,856sq ft) supermarket and department store, and trades alongside Elverys, Hickey's Pharmacy, Eason, Tiger, Vodafone, Carraig Donn, Mexx and Holland & Barrett.
Most of the leases are effectively on full repairing and insuring terms through a service charge system. There are also seven traders paying a base rent and a percentage of their turnover. The centre has a weighted average unexpired lease term to run of about 8.6 years.
