A SHOPPING CENTRE 3km south-west of Cork city is up for sale, with a guide price of €86 million.

Wilton Shopping Centre, which was constructed in 1979, is situated close to Cork University Hospital with both University College Cork and Cork Institute of Technology also nearby.

The 11,277 sq m of retail space includes a large Penneys and other stores such as Easons, Boots, New Look and Lifestyle Sports. The Tesco that is also on the site is not part of the sale.

Agents Savills said the centre has a footfall of over 5.5 million per annum, and yearly net operating income of €5.54 million.

Wilton also has 1,000 parking spaces, with an opportunity to significant develop on the existing land.

The agents said that a notification had been received of decision to grant permission to expand the retail centre’s northern section, that would include a 14-screen cinema, a public plaza, further retail and office space, and a multi-level carpark.

Fergus O’Farrell, from Savills, added that Wilton Shopping Centre is a “sustainably strong retail location with a diverse customer base”. 

“In addition, the opportunity offers future development potential to create a dominant district centre in an area of proven demand, which will ultimately improve the centre and enhance investors total returns,” he said.