This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 12 °C Wednesday 16 October, 2019
Advertisement

Have a favourite retail park? It might be up for sale today...

There’s a portfolio of five such Irish parks hitting the market today for €162 million, together with an exclusive Spencer Dock office block in Dublin.

PROPERTY MOGULS REJOICE – today sees “The National Portfolio” hitting the market here.

The portfolio, which is being brought to market by real estate powerhouses Savills and Jones Lang LaSalle, consists of five retail parks in receivership, evenly distributed across the country.

The eventual sale will represent the largest ever Irish real estate transaction in terms of overall floor area.

And the price? €162 million for the lot.

The five properties are:

Nutgrove Retail Park, Rathfarnham, Dublin

Nutgrove Retail Park

nutgrove 2 Source: Google Maps

Comprising 195,000 sq. ft., the well known south Dublin retail park is fully-let and sits adjacent to Nutgrove Shopping Centre. Individual price for the park stands at €62 million, the largest in the portfolio given its prime Dublin location.

Tullamore Retail Park, Offaly

Tullamore Retail Park

The midlands park is 170,000 sq. ft. in size and sits five minutes from the centre of Tullamore town. This park, together with the three other regionals, is valued at €100 million in total.

Deerpark Shopping Park, Killarney, Kerry

Deerpark, Killarney Source: Savills

One of the few such parks in Ireland which comes with open retail use (i.e. the potential occupier mix is significantly greater than a regular park), Deerpark is 140,000 sq. ft. in size at the heart of one of Ireland’s most popular towns.

Sligo Retail Park

Sligo Retail Park

A larger scale property again with a size of 260,000 sq. ft, and located just outside Sligo Town on the N4 to Dublin, Sligo Retail Park consists of 18 units occupied by the likes of Homebase and Halfords.

Letterkenny Retail Park, Donegal

Letterkenny Retail Park Source: Savills

The largest of the five parks listed at 380,000 sq. ft., Letterkenny consists of a massive 38 units and serves as the largest retail offering in the country’s northwest.

Tempted?

Domhnaill O’Sullivan of Savills reckons now is “an excellent time to invest”.

It’s a time to acquire retail in scale while rental levels are recovering on the back of improving consumer sentiment.

We’ll have to take his word for it. Still, the whole portfolio is expected to “attract significant levels of interest from domestic and international investors looking for value-add investments” according to Savills’ statement.

Spencer Dock, Dublin

Block R Spencer Dock Web Block R, Spencer Dock Source: Savills

Meanwhile, Savills signs off a fairly spectacular day for them on the property front with Block R, Spencer Dock in Dublin’s Docklands, which they’re bringing to market with CBRE.

A Grade A seven-storey, fully-let office building, Savills say they “anticipate a strong level of interest in the property” which was originally developed by Johnny Ronan’s now-defunct Treasury Holdings.

Yours for just €90 million. Sweet deal.

Read: We have *some* good news if you’re trying to buy a house

Read: “Your local property tax shouldn’t be used to buy bling for anyone”

  • Share on Facebook
  • Email this article
  •  

Read next:

COMMENTS (7)