Newcourt Shopping Centre put up for sale

€500k for former Tullagmongan Stop & Shop

Cavan Town’s Newcourt Shopping Centre has been put up for sale and will go to auction with a guide price of €1.75 million.

The substantial town centre development off Church Street comprises of 16 ground, first and second floor retail, office and restaurant units together with nine surface car parking spaces.

Extending approximately 1,810 sqm (19,488 sq ft), the property currently earns €192,000 in rent per annum (9.97%) and a potential reversionary yield of €240,000 per annum once all vacant units are let.

There is approximately 732 sqm (7,879 sq ft) of lettable vacant space available left, and the current leasing tenants are not affected by the sale at auction which takes place on the bidx1 website on July 26, 2023.

The surrounding occupiers at present include Boyle Sports, McDaid’s Pharmacy and Crotty Auctioneering & Property Management, which is listed as joint selling agent. The retail and mixed use development has been put up for sale by its receivers at Mazars - Hilary Larkin, financial advisory division, and Tom O’Brien, Corporate Recovery & Restructuring Services Division.

Built by the late Noel Elliott Snr in the 1990s, the development on lands previously owned by the Hickey family, coincided with the demolition of the former Surgical Hospital and Nurses’ Home on the opposite side of the road.

The construction of both developments is estimated to have cost close to Ir£3.5m to complete, and marked the start of major commercial investment in the county town, with the building of Cavan Retail Park, Lakeland Retail Park, Pullamore Business Park, and latterly the Kilmore Business Park.

Meanwhile, the former XL Stop & Shop at Tullyacmongan in Cavan Town has also gone to market with a price tag of €500,000.

Sold as an “investment opportunity” for sale or lease, it comes with a large expansive yard to the rear and side of the premises.