Drogheda’s Scotch Hall shopping center for sale for 21 million euros

One of Drogheda’s flagship malls is up for sale with a price tag of several million euros.

With nearby Marshes Shopping Center closing in on a sale with its £33.5million asking price, Gerry Barrett’s Scotch Hall is on the market through Colliers Estate Agents with a £21million guide. euros.

Officially opened in November 2006, Scotch Hall Shopping Center offers 170,000 square feet of retail space and initially attracted strong ‘High Street’ tenants such as Next, Top Shop, Coast and New Look, all of which have removed.

However, there remains a major two-story Dunnes store, occupying 84,000 square feet with a variety of other businesses including Lifestyle Sports, River Island Waterstones, GameStop and Holland & Barrett sharing the rest of the space.

“We expect strong interest in the sale of Scotch Hall, a premier shopping center investment, supported by an excellent mix of national and local retailers, as well as an unparalleled opportunity to increase value with opportunities that will drive footfall and rental growth,” commented Michele McGarry, who manages the sale on behalf of Colliers.

In 2017, an American fund, WLR Cardinal, helped refinance development-related loans held by Galway-based developer Barrett.

The sale also includes the adjoining multi-storey car parks which offer 631 parking spaces, and

According to the Irish Times, the center currently generates €2.29 million in annual rental income.

Ten years ago, it was reported that NAMA was to invest €20m in an extension to the Scotch Hall development in Drogheda.

The investment was expected to create 150 construction jobs and another 150 retail jobs when completed in 2014, with the development expected to include an 8-screen cinema, a food court with five units, a shopping complex and 300 additional parking spaces.

This development has stalled and the latest proposed actions include the completion of the cinema and the leasing of the remaining vacant units.

The sale also includes potential development opportunities on the 1.3 hectare (3.3 acre) site adjacent to the mall. Although this land has planning permission for 275 apartments, as well as additional retail and a nursery, potential buyers will note that the proposed scheme is currently subject to judicial review.

Eleanor C. William