Savills has announced the sale of Erneside Shopping Centre, the dominant retail destination in Enniskillen, for £12.4 million. The transaction reflects a net initial yield of 14.93%.
The purchaser is Muntermellan Ltd and the shareholders are also the owners at Rushmere Shopping Centre and Retail Park, Craigavon. The scheme currently generates a net operating income of £1,975,831 per annum.
Erneside Shopping Centre was sold on behalf of Fixed Charge Receivers Jemma McAndrew and Matthew Nagle of Savills. It is the primary retail scheme serving Enniskillen and its wider cross-border catchment.
The centre extends to approximately 171,590 sq ft of retail accommodation arranged across a purpose-built enclosed mall, set on a site of approximately 9.9 acres with 638 car parking spaces. The scheme is anchored by Marks & Spencer and Next, with a strong national and international tenant mix including JD Sports, New Look, Superdrug, Lifestyle Sports, Waterstones, Holland & Barrett and Poundland.
The shopping centre occupies a prominent town centre location on the edge of the River Erne and has historically benefited from strong footfall levels, drawing both local shoppers and visitors to Enniskillen, one of Northern Ireland’s key regional retail and tourism destinations.
Ben Turtle, Head of Savills Northern Ireland, commented: “Erneside Shopping Centre represents a rare opportunity to acquire a dominant, regionally important retail asset. The centre underpins the retail offer in Enniskillen, supported by a strong anchor lineup, a broad convenience and comparison retail mix, and a loyal catchment that extends well beyond the immediate town. This transaction reflects continued investor appetite for well-located, income-producing retail assets where there is clear scope for active asset management and income growth.”
