MONAGHAN SHOPPING CENTRE TAKEN INTO RECEIVERSHIP – BUT IT’S BUSINESS AS USUAL

2 March 2012 No Comments by The Northern Standard

The Northern Standard has learned that Monaghan Shopping Centre, an asset owned by Newbay Properties partnership, went into receivership on Friday, February 17th, a KPMG spokesperson confirmed.
KPMG were appointed as receiver to the property, which continues to run as a going concern.
Back in March 2011, Newbay enlisted the services of TDK Commercial Property Consultants as managing agents to Monaghan Shopping Centre, as is still the case.
Despite the receivership, it is business as usual, as KPMG have no plans to sell the shopping centre.
There will be no job losses, as the independent retailers renting space in the centre remain unaffected by the building’s change in status, as leases remain intact. This reassuring news means that there will also be no disruption to the consumer.
North Monaghan County Councillor Sean Conlon told The Northern Standard: “Monaghan Town Council benefits to the tune of €400,000 per annum thanks to the value of collective rates from the shopping centre and its tenants.”
The Sinn Fein representative went on to say: “I’m delighted to say that out of the 25 units within the shopping centre, only two of them are vacant. SpecSavers are opening tomorrow, Friday and there are plans for further expansion afoot.”
He went on to commend the shopping centre for having stood the test of time over almost two decades, adding that this was due in no small part to the way it had been maintained and managed.
“Monaghan Shopping Centre’s offering of retail outlets, boutiques, eateries and its flagship tenant Tesco, do much to enhance the reputation of the town as a shopping destination,” the Monaghan Town and County Councillor concluded.

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