Douglas Village Shopping Centre hits market for €21m

Douglas Village Shopping Centre has hit the market for €21m, and despite being Ireland’s second oldest shopping centre, agents say the property is like brand new after being completely refurbished following a fire in 2019.

The 230,000 sq ft property has approximately 60 retail and kiosk units, along with a library and gym on the first floor and roof level, and is home to anchor retailers Tesco, Marks & Spencer and TK Maxx.

The centre is located in the heart of Douglas, adjacent to the N40 providing access through Cork suburbs, and just 4km from Cork city centre.

Originally constructed in 1969, Douglas Village Shopping Centre is Ireland’s second oldest shopping centre, built just a few years after the pioneering Stillorgan Shopping Centre in Dublin.

In 2007, the shopping centre was redeveloped and refurbished, gaining multi-storey extensions on each end, a carpark, and was transformed into a modern retail destination.

However, Cushman & Wakefield, agents who are managing the sale of the property, say that the shopping centre was effectively rebuilt again in 2020, following a devastating fire.

When a parked car burst into flames in 2019, the fire spread rapidly through the multi-storey carpark and the centre itself, causing some €30m in damage and significant interruption to business.

Peter O’Flynn, MD of Cushman & Wakefield Cork, said that subsequent refurbishments have included upgrades to the fire systems in the carpark, and the centre is now “completely redone” and in “absolutely perfect condition”.

Mr O’Flynn said that the property is a “very attractive” investment for buyers looking for a passive income.

“It's producing an annual income of close to €2.4 million at the moment, and with additional lettings, that can go up to €2.7 or €2.75 million. With a quoting price of €21 million, that's a pretty good return on your investment,” he said.

“Certainly in the current market, if you're looking at any other type of commercial properties, like offices or industrial zoning, you wouldn't get a return like that, or anything close to it. If somebody was looking for a high-yielding investment, certainly this would be ticking all the boxes,” he added.

Despite the challenges posed to in-person retail by the rising popularity of online shopping, Mr O’Flynn said there will always be people who “still like to go in and have the feel and touch and do their shopping”, and there is still significant interest in premises such as this.

Speaking to The Echo on the day the sale was launched, he said there had already been multiple queries about the property, and he expects it will sell for above the current price tag of €21m.