Penneys pulls out of Naas and plan to sell site

penneys

International Retailer Penney’s have dropped plans to develop a planned new store in Naas, Co. Kildare. They will also sell their recently vacated site in Co, Kildare town. The nearest Penney’s store will now be located a 20 minute drive away in neighbouring town Newbridge.

Six years ago development of a partially built shopping centre was abandoned and the loans were acquired by NAMA. Business in the town has since deteriorated since a decision allowed Tesco to build one of the largest Irish supermarkets on the outskirts of Naas.

Discounter Aldi have opened a second Naas store, close to Tesco off the Monread Road. Aldi’s other store is also on the outskirts of the town on the Newbridge Road. Estate agents Bannon are seeking €3 million for the 1.31-acre town centre site with planning for a large retail building, and €800,000 for the recently closed Penneys store a short distance away.

Penney’s had originally paid €27 million for the prime complex in Naas town, which at the time included a Superquinn and 60 space car park.

Source: http://www.irishtimes.com/business/commercial-property/penneys-drops-entirely-out-of-naas-1.2209652