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Dublin: 4 °C Wednesday 11 December, 2019
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Five Irish shopping centres were just bought for a combined €175 million

Not your average shopping centre spree.

THE RECORD FOR the biggest sale of retail space ever in Ireland has just been smashed after the +€175 million sale of five retail parks.

In total, over 1.1 million sq. ft changed hands as the shopping centres were snapped up by investment firm Davidson Kempner.

Estate agents Savills say that there was both domestic and international interest in the properties with bids exceeding €1.22 billion.

Savills’ Domhnaill O’Sullivan said that the interest is coming from the fact that investors as observing retail rents and consumer sentiment both going up.

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.

- With reporting from Cianán Brennan

Read: One of Dublin’s most recognisable buildings is up for sale and expected to fetch a cool €14 million >

Read: House prices are marching upwards again >

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About the author:

Rónán Duffy

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