US firm bids 23 million for Eyre Square Shopping Centre

Galway Bay fm newsroom – A US firm has bid 23 million euro for the Eyre Square Shopping Centre.
According to the Irish Times, New York based Marathon Asset Management has emerged as the leading bidder for the freehold interest in the city centre.
The paper reports that Marathon Assest Management has agreed to pay approximately 23 million euro for the controlling interest in the shopping centre.
The investment includes the freehold interest in the centre, units occupied by New Look, JD Sports and Pennys, common area income, the ramps area and a former bank building at 19 Eyre Square.
The 60 unit centre currently produces annual rents of over 2 million euro and is expected to show an immediate return of 8.5 percent.
There is existing planning permission to replace the ramp entrance at Eyre Square with a three story building to accomodate five new retail units and a restaurant with deck area at first floor level.
City planners have also approved the use of the ground floor as a food outlet.
The centre is being sold by DTZ Sherry FitzGerald and DNG Commercial on behalf of the Bank of Scotland Ireland, who placed the centre in receivership.