The town centre shopping area has been put on the market.
The Burns Mall is being offered for sale, with a staggering £2.85 million asking price.
The sale of Kilmarnock’s main shopping area could change the retail scene for decades to come, with a variety of possibilities available to any new buyer.
The 180,000 square foot Burns Mall is located outside of the Kilmarnock Conservation Area and is not protected.
The centre is home to a number of national stores, including Greggs, JD Sports, New Look, Home Bargains, Poundland, Farmfoods, Boots, CeX, and The Works.
Numerous neighbourhood vendors can also be found inside the covered shopping centre.
The mall currently includes 31 retail spaces, 14 of which are for rent, two of which are under offer.
The centre is home to a number of national stores, including Greggs, JD Sports, New Look, Home Bargains, Poundland, Farmfoods, Boots, CeX, and The Works.
Numerous neighbourhood vendors can also be found inside the covered shopping centre.
The Edinburgh-based company EYCO is selling the retail complex.
“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,” said a brochure advertising the mall’s sale.
When the typical purchaser’s expenses are taken into account, a purchase at this pricing would represent an alluring net initial yield of 15%. A low £15.85 per square foot capital value.
According to the center’s research, in the 12 months leading up to March 2024, almost 3.5 million individuals visited the Burns Mall.
Nonetheless, pre-COVID data indicated that four million people visited the centre in 2019, but more recent data indicates that the centre is regaining lost patronage.
The town’s “dominant retail offering” is another term used to characterise the mall. According to the survey, Burns Mall serves as the main retail attraction in Kilmarnock’s town centre, where most of the retail offerings are focused.The town’s high street retail is primarily concentrated along King Street and Portland Street, which run parallel to the mall. Here, national chains including Marks and Spencer, Vodafone, EE, Boots, WH Smith, Savers, and Specsavers are represented.
The leaflet heavily emphasises inward investment made possible by the £20 million Levelling Up funding provided by the UK government.
Along with new residences being erected and the multi-story being removed, the intended renovation of the Galleon, as well as the refurbishment of the Palace Theatre, Grand Hall, and Dick Institute as part of the construction of a cultural neighbourhood, are noted.
Although the study calls the parking “excellent,” it is a point of controversy for the locals.
It says this: “Burns Mall offers first-rate parking facilities in three outdoor parking lots surrounding the area.
These are located at the parking lots on East George Street, Foregate South, and Sturrock Street.
“There are several parking lots a short stroll from Burns Mall in addition to the three around the center.”
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