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Dublin: 2 °C Friday 17 January, 2020

Nama is selling its first ever retail park portfolio worth a total of €110m

The properties are spread across the country in Dublin, Louth, Westmeath, Carlow, and Tipperary.

PastedImage-37425 Carrickmines Retail Park. Source: Google Maps

NAMA HAS ANNOUNCED its first ever offering of retail parks, consisting of five different properties.

It is hoped that the portfolio will sell for in the region of €110 million.

At more than 258,000 square feet, the largest of these is the M1 Retail Park in Drogheda, Co Louth.

It currently earns €2.8 million per year in rent, and also has 31 acres of zoned land.

However, 60% of the value of this Nama portfolio comes from the second largest park.

A significant part (203,170 square feet) of Carrickmines Retail Park in south Dublin will be put up for sale at a value of roughly €66 million. Agents for the sale, CBRE and DTZ Sherry Fitzgerald, have stressed the site’s low vacancy rate of 7.6%.

The three other parks included are:

  • Lakepoint Retail Park in Mullingar, Co Westmeath, which is 85,000 square feet and has a vacancy rate of 25%.
  • Poppyfield Retail Park in Clonmel, Co Tipperary, generating €1.1 million in rent per year
  • Four Lakes Retail Park in Carlow, a site with a high vacancy rate… but there is a drive-thru Supermacs at the entrance.

PastedImage-87609 The Four Lakes Retail Park, with the drive-thru Supermacs in all its glory. Source: Google Maps

Nama recouped more than €800 million that debtors had transferred beyond the agency’s reach, it was revealed earlier this week.

Two thirds of which was in property were property, while the remaining third was mostly comprised of share portfolios as cash.

Read: “It’s tough against faceless power on that level” – cultural groups fight losing battle with Nama >

Opinion: Massive state intervention in house building? Welcome back to 2007 >

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Nicky Ryan

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