Golden Island Shopping Centre

Golden Island Shopping Centre is a shopping and leisure complex in Athlone, County Westmeath, Ireland. It occupies a site in the Goldenisland townland of Kilmaine, on the edge of Athlone, and was developed to strengthen the town's role as a commercial centre for Ireland's Midlands. The centre opened in October 1997 after being developed by Owen O'Callaghan, Michael Tiernan and Tom Diskin on a former landfill site. The complex combines a large Tesco supermarket with approximately 45 additional retail and food-and-beverage units. Its tenant mix has included fashion retailers, health and beauty stores, mobile-phone providers, jewellers, cafés and restaurants. Examples identified in reference material include Penneys, Diesel, Boots, Costa Coffee and Burger King. Tesco occupies the principal anchor unit at the eastern end of the centre and sells groceries as well as clothing. The unit had originally been intended for Quinnsworth, but Tesco acquired Quinnsworth shortly before the shopping centre opened. Golden Island also includes a cinema. The six-screen IMC cinema opened in 1998 and was reported to have 871 seats. It replaced the former four-screen Showcase Cinema in Athlone's Irishtown area, which closed in early 1998 after its operator entered a partnership with IMC. The cinema gives the centre a leisure component in addition to its shopping function. Proposals have been discussed for four further screens and refurbishment, but the referenced material does not establish that this expansion has been completed. The property has changed hands several times. Tesco acquired the shopping centre for €52 million in 2005. Tesco said in 2015 that it was considering a sale, and Credit Suisse purchased the building for €43.4 million on 23 March 2016. Credit Suisse placed it on the market for €41 million on 1 May 2019, after which a fund managed by Davy Real Estate acquired it in late 2019. These transactions concern the centre as a property asset rather than a listed consumer brand, and no current operating company, public listing or official website is identified in the supplied sources. The centre has been associated with reported weekly footfall of about 65,000. Its catchment is primarily local and regional, encompassing Athlone and surrounding communities in County Westmeath and the Midlands. In the supplied reference material, the distinctive islands formerly associated with the Golden Island site had been removed by 2024. Golden Island Shopping Centre remains an active retail facility, although detailed current tenant, ownership and development information requires verification from contemporary property or centre-management sources.

Golden Island Shopping Centre was created as a major retail development for Athlone and the surrounding Midlands region. The project was developed by Owen O'Callaghan, Michael Tiernan and Tom Diskin on a former landfill site in the Goldenisland townland of Kilmaine. It opened in October 1997, introducing a substantial modern shopping destination to the edge of Athlone and contributing to the town's regional retail role. The original anchor concept involved a Quinnsworth supermarket. Tesco acquired Quinnsworth shortly before the centre opened, so the completed development instead contained a Tesco supermarket. The Tesco store became the principal anchor at the eastern end of the complex, with a product range spanning food and clothing. Around it, the centre assembled a broad mix of approximately 45 units, including fashion, health and beauty, telecommunications, jewellery, cafés and restaurants. Reported weekly footfall reached approximately 65,000. A cinema became part of the centre's leisure offer in 1998 when IMC opened a six-screen venue with a reported capacity of 871 seats. The cinema replaced the former four-screen Showcase Cinema in Athlone's Irishtown district. That earlier venue had opened in May 1992 and closed in early 1998 after its operator partnered with IMC for the new Golden Island facility. The move gave the shopping centre a role beyond retail and helped consolidate it as an entertainment destination. Ownership subsequently shifted through a series of property transactions. Tesco sold the centre to itself as buyer in 2005 for €52 million, with the transaction registered on 24 February 2005. In June 2015 Tesco said it was considering a disposal. Credit Suisse bought the building on 23 March 2016 for €43.4 million. Credit Suisse later marketed the centre for €41 million from 1 May 2019, and a fund managed by Davy Real Estate acquired it in late 2019. The supplied reference describes proposals to add four cinema screens and renovate the existing cinema, but does not confirm that the works proceeded. It also states that the islands associated with the Golden Island site had been removed by 2024. Current tenant composition, management arrangements and the precise legal ownership structure are not established by the available material.

• 2024

  Golden Island site features changed

  [1]Golden Island Shopping Centreen.wikipedia.org

  The supplied reference states that the islands associated with Golden Island had been removed by this year.

• 2019

  Davy Real Estate-managed fund becomes owner

  [1]Golden Island Shopping Centreen.wikipedia.org

  Following a sale process initiated by Credit Suisse, a Davy Real Estate-managed fund acquired the centre late in the year.

• 2016

  Credit Suisse acquisition

  [1]Golden Island Shopping Centreen.wikipedia.org

  Credit Suisse acquired the centre for €43.4 million on 23 March.

• 2005

  Tesco acquires the property

  [1]Golden Island Shopping Centreen.wikipedia.org

  Tesco purchased the shopping centre for €52 million; the transaction was registered on 24 February.

• 1998

  IMC cinema opens

  [1]Golden Island Shopping Centreen.wikipedia.org

  A six-screen IMC cinema opened within the centre, reportedly providing 871 seats.

• 1997

  Shopping centre opens

  [1]Golden Island Shopping Centreen.wikipedia.org

  Golden Island Shopping Centre opened in October on a former landfill site in Athlone's Goldenisland area.

A regional shopping and leisure destination anchored by a large Tesco supermarket and complemented by fashion, personal-care, specialist retail, dining and cinema services.

• Supermarket anchor · 1997

  Tesco supermarket

  The large eastern anchor unit provides groceries, household shopping and clothing. It was originally planned as a Quinnsworth store, but Tesco's acquisition of Quinnsworth before the centre opened led to Tesco operating the anchor instead.

• Shopping-centre retail · 1997

  Retail unit mix

  The centre has approximately 45 units across fashion, health and beauty, cosmetics, mobile telecommunications, jewellery and other specialist retail categories. Referenced tenants include Penneys, Diesel and Boots, although the current tenant list is not verified.

• Cinema and entertainment · 1998

  IMC cinema

  IMC opened a six-screen cinema at Golden Island in 1998. The venue was reported to have 871 seats and replaced Athlone's former Showcase Cinema. Plans for four additional screens and refurbishment have been reported but are not confirmed as completed.

• Restaurants and cafés · 1997

  Food and beverage units

  Food-service space includes cafés and restaurants. Referenced examples include Costa Coffee and Burger King, with a further restaurant unit reportedly planned beside the cinema.

• 2019

  Property marketed and sold to a Davy-managed fundM&A

  Background

  Credit Suisse put the centre on the market on 1 May 2019.

  Action taken

  The property was offered at €41 million and was acquired later in the year by a fund managed by Davy Real Estate.

  Aftermath

  The Davy-managed fund became the reported owner of the centre.

  Asking price. €41 million (1 May 2019)

  Source

• 2016

  Credit Suisse acquires the centreM&A

  Background

  Tesco had indicated in 2015 that it was considering selling the property.

  Action taken

  Credit Suisse purchased Golden Island Shopping Centre for €43.4 million on 23 March.

  Aftermath

  Credit Suisse later marketed the asset for sale in 2019.

  Acquisition price. €43.4 million (23 March 2016)

  Source

• 2005

  Tesco purchases Golden Island Shopping CentreM&A

  Background

  The centre had opened with Tesco as its anchor after the retailer acquired Quinnsworth shortly before the 1997 opening.

  Action taken

  Tesco acquired the shopping-centre property for €52 million.

  Aftermath

  Tesco retained ownership until the subsequent sale process announced in 2015.

  Acquisition price. €52 million (2005)

  Source

• Proposed cinema expansionOther

  Background

  The existing IMC cinema has six screens and was reported as a candidate for expansion and refurbishment.

  Action taken

  Plans were drawn up for four additional screens and cinema renovation.

  Aftermath

  The supplied reference does not confirm that construction or refurbishment began.

  Source

1. 1Golden Island Shopping Centreen.wikipedia.org