Douglas Village Shopping Centre in Cork is on the market for €21m

The shopping centre underwent complete refurbishment after a fire in 2019.

Ireland’s second-oldest shopping centre is up for sale after being rebuilt in 2007 and a major fire before the pandemic.

Following closely behind Dublin’s Stillorgan Shopping Centre, a “place of magic, glamour and excitement” which opened back in 1966, Douglas Shopping Centre opened its doors in 1971, significantly changing the way we shopped in Ireland.

The shopping centre has a rental income of €2.4m, with scope to boost this further by leasing some of the units which have been vacant since the 2019 fire forced a 14 month closure for reconstruction.

Image via daft.ie 

The 230000 sq. ft centre is now anchored by Tesco, Bank of Ireland, Marks & Spencer and TK Maxx, and is being sold by agents Cushman & Wakefield as an investment property, with a guide price of €21m.

It’s described as being “in exceptional condition, benefitting from extensive refurbishment over the past 24 months”, and has a “variety of immediate asset management opportunities, including lease regears, extensions and unit configuration options to increase the rent receivable.

Image via daft.ie 

The shopping centre was forced to close in August 2019 when a car fire broke out in the multi-storey carpark destroying 50 cars, affecting 46 traders and resulting in damage estimated at €30m. It reopened in late 2020 after undergoing complete refurbishment.

The full listing is available HERE.

Header image via daft.ie 

READ NEXT: Wicklow deli chain promise to keep price increases as low as possible