The Burns Mall has been put up for sale for a staggering £2.85 million.
If Kilmarnock’s main shopping complex is sold, the retail environment might change for decades, with a variety of possibilities available to any potential new buyer.
The Burns Mall, which measures around 180,000 square feet, is not classified and is located outside of the Kilmarnock Conservation Area.
The centre now comprises 31 retail premises, 14 of which are available for rent, and two of which are on offer.
The centre houses a number of national businesses, including JD Sports, New Look, Home Bargains, Poundland, Farmfoods, Boots, CeX, The Works, and Greggs.
A handful of local traders also call the covered retail arena home.
The retail complex is being offered by Edinburgh-based EYCO.
A brochure touting the mall’s sale reads: “We are instructed to seek offers in excess of £2,850,000 (Two Million Eight Hundred and Fifty Thousand Pounds) subject to the exchange of formal missives and exclusive of VAT for our client’s long leasehold interest.”
A purchase at this amount would result in an appealing net initial yield of 15%, assuming the standard purchaser’s costs. “A low capital value of £15.85 per square foot.”
According to the centre’s assessment, around 3.5 million people visited Burns Mall in the year leading 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 intended refurbishment of the Galleon, as well as the renovation of the Palace Theatre, Grand Hall, and Dick Institute as part of the establishment of a cultural area, are noted, along with the construction of additional residences and the demolition of the multi-story building.
Car parking is a source of controversy among locals, despite being described as “excellent” in the study.
It reads: “There are three external car parks around the centre that provide excellent parking facilities for Burns Mall.”
“These are located 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.”
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