€110m for retail park portfolio controlled by NAMA
NAMA is seeking €110m for five business parks around the country.
The Project Parks portfolio includes Carrickmines business park in Dublin, M1 in Drogheda, Lakepoint in Mullingar, Poppyfield in Clonmel and Four Lakes in Carlow. The properties are expected be sold as a single lot.
The properties are expected to attract a range of international and domestic buyers. Any move though will be seen as a calculated gamble though given the struggles of retail outside Dublin. Nevertheless, following the successful sale of three regional shopping centres for more than €40m above their guide price, NAMA will be confident of achieving the asking price.
The portfolio is currently producing an overall rental income of about €9.5m. That equates to an intial yield of some 8.4pc.
Carrickmines is the dominant asset included in the portfolio. It was bought in 2007 by the late businessman Liam Maye for around €100m. The rent role from Carrickmines is close to €4.5m on its own.
Among the tenants at Carrickmines are Woodies DIY, and Pc World. Carrickmines is valued at upwards of €60m. The sale of Carrickmines does not include the phase 2 development of it.
The M1 Retail Park meanwhile is located just outside Drogheda. One retail unit is vacant at present and property is producing around €2.8m in rent at the moment. This park is estimated to be worth €25m.
Lakepoint Retail Park in Mullingar meanwhile has been valued at some €8m. it opened in 2001 and has a rent roll of just under €775,000. About a quarter of the buildings on the propety are vacant.
Poppyfield in Clonmel is valued at at around €12m and has is producing rental income of a little under €1.2m.