WITH the end of the tax year in sight, Town and County seems likely to sell some of its retail investments in the Market Cross Shopping Centre, Kilkenny. Investors can claim tax breaks provided leases are completed by July next. Two of the 13 shops owned by Town and County are shortly to begin trading and negotiations are under way to lease some of the remaining outlets.
Heatons has agreed terms to open a BHS franchise store and will be paying a rent of £95,000 for 7,400 square feet of retail space and a storage area of 1,200 square feet. A shop of 950 square feet has also been let to a golf retailer at a rent of £28,500 per annum.
Town and County, which holds about £5 million worth of investments in the Kilkenny centre, is shortly to decide how many of the units to sell. Sale prices are likely to range from £250,000 to £600,000, though a shop of 1,800 square feet may also be offered for sale at around £1.2 million. Rents average between £25 and £35 per square foot and given the shortage of tax-driven investments, yields could work out at around 7 per cent.
Town and County is also likely to sell a number of retail investments in its new Clonmel shopping complex where seven of the 20 retail units have been let. Rents are in the region of £20 per square foot.
