By Claire Cartmill

Copyright newsletter

Savills has been instructed to bring Erneside Shopping Centre in Enniskillen, Northern Ireland, to the market with a guide price of £15,050,000. The 171,590 sq ft shopping centre, which sits on a 9.9-acre site with 638 car parking spaces, is the dominant retail destination in Enniskillen, attracting a recorded 2.15 million visitors in 2024. Anchored by Marks & Spencer and Next, the scheme also features a strong tenant mix including JD Sports, New Look, Superdrug, Lifestyle Sports, Waterstones, Holland & Barrett, and Poundland. Erneside currently produces a gross passing rent of £2.41 million per annum and a net passing rent of £2.048 million, reflecting a net initial yield of 12.75% at the guide price and an attractive capital value of £89 per sq ft, significantly below reinstatement value. Over 68% of the rent roll is secured against tenants with a minimum or low risk Dun & Bradstreet credit rating. With a current vacancy rate of just 7%, the property offers a number of asset management opportunities including lease re-gears, letting of vacant units, reconfiguration of space for a new anchor tenant, and enhancing the catering and leisure offer to drive further income. Ben Turtle, Head of Savills Northern Ireland, commented: “Erneside Shopping Centre presents a rare opportunity to acquire a substantial, high-yielding retail asset in a dominant regional location. “With robust footfall, a strong tenant line-up and clear opportunities to add value through proactive asset management, we expect to see strong interest from investors seeking attractive returns.” Enniskillen is the largest town in County Fermanagh, popular with both residents and tourists thanks to its location between Upper and Lower Lough Erne and attractions such as the Marble Arch Caves and Cuilcagh Boardwalk. The centre benefits from a wide cross-border catchment, excellent road connections and direct pedestrian and boat access.