Borrisokane's 'Riverside' Centre up for Auction

Borrisokane's 'Riverside' retail and residential centre is going under the hammer on Friday with an advised minimum value of just €445,000.

The lot consists of seven retail units and 16 residential apartments. The Riverside mixed development was completed in 2008 at a cost in the region of €12 million.
Galway based O'Donnellan & Joyce Auctioneers are advertising the property for sale by public auction on Friday November 13th.
Formerly anchored by Centra, the 'Riverside Town Centre' was heralded as a boon of prosperity for Borrisokane. The development that was to become the new centre of the town, employing up to 40 people.
The Centra supermarket was officially opened in April 2008 by Michael Lowry TD.  Further retailers subsequently opened at the centre, including a pharmacy, dry-cleaners and hair salon.
Constructed by Clonmacken Developments of Limerick, the centre was advertised as having units suitable for bookie, cafe/restaurant, office space, and other uses. A gymnasium was reportedly planned for the centre.
Sadly, many aspects of the Riverside vision never materialised, the centre's opening coinciding with the economic downturn. It was dealt a major blow in 2010 when Centra closed with the loss of 21 jobs. The anchor unit was subsequently reopened as the 'Riverside Foodhall and Supermarket' in 2012 but this too subsequently closed. There are no longer any retailers at the centre.
The Riverside centre is now being advertised for auction on the instructions of a receiver. Auctioneers O'Donnellan & Joyce describe the mixed retail and apartment development as a well-placed prospect for commercial investors. The property is advertised as seven retail units completed to shell and core finish with one fully complete. The 16 apartments comprise four fully complete units in “walk in condition”, 10 completed to the first fixing and two completed to shell and core finish.
The agent is understood to have had a number of enquiries in the Riverside and is inviting viewings. The property will be auctioned at Galway's Harbour Hotel on Friday November 13th at 2pm.