Wednesday 15 August 2018

€1.75m for Lifestyle Sports unit at Nutgrove Shopping Centre

The 307 sq m Lifestyle Sports unit at Nutgrove Shopping Centre
The 307 sq m Lifestyle Sports unit at Nutgrove Shopping Centre
Ronald Quinlan

Ronald Quinlan

Agents Quinn Agnew are seeking offers in excess of €1.75m for a unit at the resurgent Nutgrove Shopping Centre in south county Dublin.

The property is let to Drevez Nutgrove trading as Lifestyle Sports and guaranteed by Lifestyle Sports (Ireland) limited under the terms of a 20 year and two-month lease dating from September 1999.

The unit extends to 307 sq m (3,304 sq ft) and is currently producing a rental of €130,000 per annum.

The centre is anchored by retail giants Tesco, Dunnes and Penney's,

Nutgrove is currently undergoing major refurbishment. Included in the works already taking place on site are the recladding of the entire exterior of the centre and the creation of two new large glass atria at both entrances. It is expected that with the completion of these works, that footfall will increase further.

The creation of a new food court at the centre along with new ceiling and floor finishes has already benefited business greatly.

Nutgrove Shopping Centre's retail offering has been enhanced by the arrival of Carraig Donn, Tiger, Trespass and The Natural Bakery as tenants in the last two years. Weekly footfall at the centre now averages 80,000 customers, an increase of 5,000 customers per week since last year.

Enda Kearns of Quinn Agnew is seeking offers in excess of €1.75m for Lifestyle Sports' premises. Kearns believes the unit will be attractive to private investors looking for a quality investment in an established centre.

No VAT is applicable on the sale.

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