The Burns Mall has been put up for sale with a blockbuster £2.85million price tag.
If Kilmarnock’s main shopping centre is sold, the retail landscape could be transformed for decades to come with a range of options open to any potential new buyer.
The Burns Mall – around 180,000 square feet in size – does not have listed status and sits outside Kilmarnock Conservation Area.
At the moment the centre has 31 retail units with 14 of those currently available to rent, two of which are currently under offer.
Among a host of national retailers, the centre is home to JD Sports, New Look, Home Bargains, Poundland, Farmfoods, Boots, CeX, The Works and Greggs.
The covered shopping arena is also home to a number of local traders too.
The retail complex is being sold by Glasgow firm EYCO.
A brochure promoting the sale of the mall reads: “We are instructed to seek offers in excess of £2,850,000 (Two Million Eight Hundred and Fifty Thousand Pounds) subject to exchange of formal missives and exclusive of VAT for our client’s long leasehold interest.
“A purchase at this level would reflect an attractive net initial yield of 15 per cent, allowing for the usual purchaser’s costs. A low capital value of £15.85 psf.”
The report into the centre says that around 3.5 million people visited the Burns Mall in the 12 months up to March 2024.
However, pre-Covid estimates showed footfall of over four million in 2019, but subsequent figures indicate that the centre is reclaiming lost visitors.
The mall is also known as the ‘dominant retail offering’ in town. The report states: “Kilmarnock’s retail provision is concentrated inside the town centre, with Burns Mall providing the primary retail offer.
“The majority of the high street retail in the town is positioned parallel to the mall on King Street and Portland Street where national retailers are represented including Marks and Spencer’s, Vodafone, EE, Boots, WH Smith, Savers and Specsavers.”
The leaflet emphasises inward investment, including the £20 million Levelling Up cash from the UK government.
The proposed refurbishment of the Galleon along with the makeover of the Palace Theatre, Grand Hall and Dick Institute as part of the creation of a cultural quarter is mentioned alongside new homes being built and the multi-storey being demolished.
A bone of contention with locals is car parking, which is described as “excellent” in the report.
It reads: “There are three external car parks around the centre that provide Burns Mall with excellent parking facilities.
“These lie at East George Street Car Park, Foregate South Car Park and Sturrock Street Car Park.
“In addition to the three car parks surrounding the centre, there are a number of car parks located a short walk from Burns Mall.”
The Burns Mall debuted in 1974 and will celebrate its 50th anniversary this year. It is currently owned by NewRiver, a real estate investment trust that owns about 30 shopping centres and hundreds of pubs throughout the UK.
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