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.
There are now 31 retail spaces in the centre, 14 of which are available for rent, and two of which are under contract.
The centre is home to a number of national stores, including Greggs, , New Look, Home Bargains, Poundland, Farmfoods, Boots, CeX, and The Works.
Several local vendors can also be found inside the covered retail centre.
The retail complex is being sold by Edinburgh firm EYCO. According to a brochure promoting the sale of the mall, “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%, allowing for the usual purchaser’s costs. A low capital value of £15.85 psf.” The Burns Mall saw approximately 3.5 million visitors in the 12 months leading up to March 2024.
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 study, Burns Mall offers the majority of the retail options in Kilmarnock, which is centred around the town centre.
“Most of the town’s high street retail is located parallel to the mall on King Street and Portland Street, home to a number of large chains like WH Smith, Savers, Specsavers, Vodafone, Marks and Spencer, and Boots.”
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.”
This year marks the 50th anniversary of the Burns Mall’s opening. NewRiver, a real estate investment trust, currently owns and operates a sizable retail property that includes 28 shopping centres and 29 retail parks throughout the UK.
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