Millfield Shopping Centre and Balbriggan - from the Irish Times

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The Shopping Centre that came at a high price

Interesting article by Shane Hegarty about Millfield Shopping Centre in Balbriggan, from Saturday's Irish Times

Dors1976

No surprising to be honest. Rent is €54,000 p.a. and 10 empty units!

SpatialPlanner

It was a very premature development and was heavily reliant on the residential development of North West Balbriggan.

BMJD

No, I think the rents are ridiculously over-priced. And there are a lot more than 10 empty units by the looks of it.

Kintarō Hattori

I was speaking with someone at the weekend who had been interested in opening a stall just inside of the front door selling some products. He was quoted a rent of €24,000 which is quite simply ludicrous. I can't fathom how they plan on attracting any level of business to a shopping centre which is essentially dead.

Once the current leases expire for the clothes shops upstairs they'll be gone too. I wonder how long they have left to go.

cathy01

Kintarō Hattori wrote: »

I was speaking with someone at the weekend who had been interested in opening a stall just inside of the front door selling some products. He was quoted a rent of €24,000 which is quite simply ludicrous. I can't fathom how they plan on attracting any level of business to a shopping centre which is essentially dead.

Once the current leases expire for the clothes shops upstairs they'll be gone too. I wonder how long they have left to go.

I'd hate it to go.sunday morning shopping /coffee with the kids just wouldn't be the same.they should half the rent at the very least .

Nodster

Boots did a unique deal with Millfield before signing a lease, instead of paying an agreed annual rent, they agreed to pay a certain % of profit

Kintarō Hattori

cathy01 wrote: »

I'd hate it to go.sunday morning shopping /coffee with the kids just wouldn't be the same.they should half the rent at the very least .

Don't get me wrong Cathy- I'd hate to see anyone vacate the centre but the fact is that the clothing shops don't appear to be doing any worthwhile business and I can only surmise that they won't continue their leases if they are up any time soon.

Stheno

Kintarō Hattori wrote: »

Don't get me wrong Cathy- I'd hate to see it anyone vacate the centre but the fact is that the clothing shops don't appear to be doing any worthwhile business and I can only surmise that they won't continue their leases if they are up any time soon.

I'd agree, for me I regularly visit the Tesco about once a month, check out boots, and the butchers and pet shop (as I've pets)

I don't pay the rest of the shops the slightest bit of attention

RobFowl

I did enquire about some vacant units a number of years ago but the quoted rents were so far off that it killed off any slight interest straight away.
Hopefully a new owner not burdened with excessive debt can set realistic rents and attract more tenants.

Benjy

The National Asset Management Agency has confirmed the scale and identity of its first shopping centre portfolio to be offered for sale on the international market.

Joint agents Bannon and JLL have been appointed to handle the single lot sale of shopping centres at Blackpool in Cork, Balbriggan, Co Dublin and Clonmel, Co Tipperary, at a guide price of more than €130 million.

Millfield shopping centre in Balbriggan, developed three years ago by Calculation Developments at a cost of some €50 million is now likely to be valued at just over €40 million. Most of the funding came from the former Anglo Irish Bank but Nama is also understood to have provided financial assistance to allow it to open for business.

Full article here:
http://www.irishtimes.com/business/sectors/commercial-property/130m-for-nama-shopping-centre-portfolio-1.1777808