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Ireland's biggest regional shopping centre is going under the hammer

The Whitewater Shopping Centre in Newbridge is expected to fetch €150 million plus.

The Whitewater Shopping Centre in Newbridge, Kildare
The Whitewater Shopping Centre in Newbridge, Kildare

THE WHITEWATER SHOPPING Centre in Newbridge will be put on the market this week with a pricetag of over €150 million.

The County Kildare complex, which first opened in 2006, is Ireland’s largest regional shopping centre with about 300,000 sq ft of space and tenants including Marks & Spencer, Debenhams and Zara.

Joint agents Savills and London-based Coady Supple said the sale was expected to attract interest from “domestic and international investors looking for a quality retail investment” in a “large and affluent catchment area”.

The deal also includes 84 residences and the agents said the property was turning over about €11.7 million per year, the vast bulk of which came from the shopping centre tenants.

The shopping centre is co-owned by Ballymore Group founder Sean Mulryan and the family of developer Liam Maye, who died in 2008.

00100726 Mulryan with then-taoiseach Bertie Ahern in April 2008 Source: Eamonn Farrell/RollingNews.ie

Mulryan, whose property exploits became synonymous with the Celtic Tiger boom, told the banking inquiry that Ballymore owed nearly €2.4 billion to various banks – including almost €1.2 billion to Anglo Irish Bank – in September 2008.

He said he still intended to pay back all his debts to bad bank Nama.

The sale follows the closure last month of Nama’s largest deal to date, which included Ireland’s biggest shopping centre, Dundrum Town Centre.

It changed hands as part of a loan portfolio linked to developer Joe O’Reilly that sold for a total of €1.85 billion.

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About the author:

Peter Bodkin  / Editor, Fora

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