Omniplex Holdings ULC has confirmed the acquisition of the Scotch Hall Shopping Centre in Drogheda. The transaction, finalised before Christmas, will see the 254,656 sq.ft (23,658 sq.m) development, including a 629-space multi-storey car park, added to the extensive Omniplex property portfolio.
Scotch Hall is the largest shopping centre within a 20-minute drive North of Dublin and offers incredible symmetry for the Omniplex Group including a partially constructed 5-screen cinema, a 33,852 sq.ft (3,145 sq.m) shell and core office block with full planning permission for 21 apartments and an adjoining 1.34-hectare development opportunity with planning permission for 275 apartments.
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 onsite planning the fit-out.’
About Omniplex Holdings ULC
Owned by the Anderson family, Omniplex Holdings ULC comprises an extensive cinema and property portfolio 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)
- Scotch Hall Shopping Centre, Drogheda, Co. Louth (255,000 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)
- The Academy, 42 Pearse Street, Dublin 2 (54,000 sq.ft. Grade A office building)
About Scotch Hall
Scotch Hall Shopping Centre is located in the heart of Drogheda town centre. The Centre is anchored by Dunnes Stores and also hosts a number of strong brands such as River Island, Lifestyle Sports, Superdrug, Permanent TSB, Peter Mark and Holland & Barrett. The planned opening of the cinema will increase occupancy. Average weekly footfall is running at approximately 42,000 which is expected to grow significantly with the opening of the Cinema.
The new landlord is a long-term investor, and their asset management plan is robust. They will use vacancies to their advantage in attracting the right tenant mix. The scheme currently lacks outlets specialising in Sportswear, Homewares, Optical Services and would benefit from an enhanced food and beverage selection. Discussions are in hand in relation to a possible Medical Centre within the scheme to diversify the uses further.
Speaking on behalf of Colliers, Leasing Agent Barry Ronan said “The purchase of Scotch Hall Shopping Centre by Omniplex ULC will make a huge impact to the Centre and Drogheda as a whole. The new owners bring some much-needed capital and energy to the scheme and are focussed on moving it forward. The opening of the Cinema will transform the centre by increasing footfall, dwell times and decreasing vacancy.”