NAMA looking for €15 million for Knocknacarra retail park
NAMA has put the Galway Gateway shopping centre in Knocknacarra on the market with a price tag of €15 million.
The centre – which is known locally as Knocknacarra Shopping Centre or the Galway West Retail Park – was developed by Michael Whelan of Rumbold Builders/Moritz Group at a cost estimated to be in the region of €60 million.
However, following the collapse of the property market and the banking sector, NAMA appointed receivers to the complex in 2012 – which includes a B&Q outlet, Next, New Look and a McSharry’s Pharmacy.
At the moment, those units are producing an annual rent of around €1.4m.
The adjacent Dunnes Stores outlet is understood to be independently owned by the retail chain.
The agency has now put the shopping centre – including the adjoining site which has planning permission for a second phase – along with the Wilton Shopping Centre in Cork and Drogheda Retail Park on the market. The portfolio is being sold as one lot with a price tag of €115m.
The Phase 2 planning permission includes:
- A standalone 3-4 storey block located on the northern side of a new pedestrian link to Bóthar Stiofáin.
- The block will include a crèche at ground floor level with external play area
- 7 retail units at ground and first floor levels (95,000 square feet of retail space).
- Primary health care facility at second and third floor with associated ground floor lobby/reception area.
- 3 restaurant/cafe units at ground and first floor level (10,500 sq ft) north of Dunnes Stores.
- a further 149 parking spaces in an extension to the existing basement carpark.
Rumbold had carried out extensive excavations for Phase 2 (adjacent to Dunnes), but work was abandoned in 2007 because the company could not secure funding to continue the project.
Their overall plan for the 57-acre site included a medical centre, pubs, a hotel, multiplex cinema, bowling alley, bank and car showrooms.