The Golden Island shopping centre in Athlone, Ireland has been put on the market with an asking price of €40m (£28.2m), representing an initial yield of 7.4%.
The 154,000 sq ft centre, acquired by Tesco 10 years ago, comprises 45 shops including Tesco, Argos and Claires. The centre also has a six-screen IMC cinema.
Golden Island provides an annual income of just over €3m, and could be extended subject to planning approval.
The Penneys and Tesco units as well as the cinema are owner occupied and therefore not included in the sale.
Tesco is selling the property in order to focus on its core business.
Sean O’Neill of TWM, the agency is handling the sale on behalf of Tesco, said: “While the shopping centre provides an extremely strong and secure income base, it also offers plenty of asset management opportunities to enhance it and therefore investment returns.”
