The Omniplex cinema group, which is controlled by the Anderson family, has completed its acquisition of Scotch Hall Shopping Centre in Drogheda, Co Louth, for about €21 million.
Built in the early 2000s by Galway-based developer Gerry Barrett, Scotch Hall Shopping Centre forms part of a wider mixed-use scheme in Drogheda town centre that also includes apartments and the D Hotel. The sale, first reported by The Irish Times in December, comprises 15,794 sq m (170,000 sq ft) of retail space, a partially constructed five-screen cinema, and the adjoining multistorey car parks with 629 spaces. The deal also comprises an incomplete block with an expired planning consent, which offers further scope for development. Also included within the centre is a former distillery building that could lend itself to a number of uses, and an adjoining 1.34-hectare development opportunity with planning permission for 275 apartments (subject to judicial review).
The Anderson family’s interest in Scotch Hall was piqued primarily by the opportunity to secure ownership of the centre’s vacant cinema. While the Omniplex group already has a presence in Drogheda, it leases its current premises.
Speaking of the acquisition, Omniplex Holdings ULC managing director Paul Anderson said: “Having operated cinemas in Drogheda for over 50 years, we know the town very well. We are delighted to be able to invest further in the area and secure the future of the Scotch Hall Shopping Centre. Opening the cinema in Scotch Hall is the top priority and our teams are already on-site planning the fit-out.”
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Scotch Hall Shopping Centre is anchored by Dunnes Stores. The store, which is owner-occupied by Dunnes, extends to 7,804 sq m (84,000 sq ft) and is complemented by a range of local and international retailers, including Lifestyle Sports, River Island Waterstones, GameStop and Holland & Barrett.
Gerry Barrett’s sale of Scotch Hall comes five years after he worked with Irish investment house Cardinal Capital to refinance the loans associated with the Drogheda scheme from Deutsche Bank. The sale of the centre was brokered by Michele McGarry of Colliers.
Commenting on the Omniplex group’s acquisition of Scotch Hall, Barry Ronan, leasing agent with Colliers, said: “The new owners will bring some much-needed capital and energy to this scheme and are focused on moving it forward. The opening of the cinema will transform the centre by increasing footfall, dwell times and decrease vacancy.”
The Omniplex group’s portfolio comprises a range of cinema and retail assets, including: 35 Omniplex cinemas (260 screens) in the Republic of Ireland and Northern Ireland; The Swan Shopping Centre, Rathmines, Dublin (147,000 sq ft shopping centre); Longford Shopping Centre (120,000 sq ft retail, due to open); Omnipark, Dundonald, Belfast (77,000 sq ft retail and leisure park), and The Academy, 42 Pearse Street, Dublin 2 (54,000 sq ft grade A office building).
