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Munich fund pays over €64m for Nutgrove Retail Park

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Nutgrove Retail Park in Rathfarnham, Dublin 14

Nutgrove Retail Park in Rathfarnham, Dublin 14

37/38 Capel Street, Dublin 1

37/38 Capel Street, Dublin 1

Knight Frank are bringing 119 and 120 Capel Street to auction with a €1m guide price

Knight Frank are bringing 119 and 120 Capel Street to auction with a €1m guide price

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Nutgrove Retail Park in Rathfarnham, Dublin 14

Am Alpha, the Munich-based investor, has bought Nutgrove Retail Park in Rathfarnham, Dublin 14, for a sum believed to be more than €64m.

It was sold by Davidson Kempner, which had bought it as part of a portfolio of retail assets for €170m.

Facing Nutgrove Shopping Centre, the retail park is fully let and tenants include Harvey Norman, Homebase, Harry Corry, Costa Coffee and Aldi. Extending to 197,700sqft, its space includes 168,000sqft of retail and 29,800sqft of offices. The Health Service Executive holds the office lease.

CBRE advised the vendor and TWM the purchaser.

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37/38 Capel Street, Dublin 1

37/38 Capel Street, Dublin 1

37/38 Capel Street, Dublin 1

Meanwhile Dublin city-centre retail features among the investment properties brought to the market this week. They include 37/38 Capel Street, Dublin 1 – a mixed-use investment property for which joint agents JLL Ireland and Dillon Marshall are quoting €6.5m in a private treaty sale.

It consists of two retail units with 11 overhead apartments.

The agents say the building has the potential to generate a gross annual rent of €428,000 and this could generate an initial yield of about 5.5pc.

It was previously offered for sale in 2017 when it had a €2.95m guide price, and the group of private investors who purchased it undertook refurbishments.

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Knight Frank are bringing 119 and 120 Capel Street to auction with a €1m guide price

Knight Frank are bringing 119 and 120 Capel Street to auction with a €1m guide price

Knight Frank are bringing 119 and 120 Capel Street to auction with a €1m guide price

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Meanwhile, across the street agents Knight Frank are bringing 119 and 120 Capel Street to auction with a €1m guide price. Extending to 4,998sqft, the building’s ground floor and part basement is let to a Korean restaurant, and most of the upstairs offices are let to The Simon Community. Current annual contracted rent is €69,364 over three tenancies.

It is among six city-centre lots which Knight Frank will auction next month, with guide prices ranging from €750,000 upwards. Together they have combined values of more than €12m. Most of them have value-added or development opportunities.

Five lots are located in Dublin 1, including 38/39 Abbey Street Upper; 20 Liffey Street; 72 Abbey Street Middle; and 58/59 Abbey Street Middle.

The most valuable lot is 10/11 Eden Quay and 12 Harbour Court which is guiding €3m. Extending to 19,253sqft, it comprises the 30-room Clifton Court Hotel, and Lanigans bar and nightclub overlooking the Liffey, plus an adjoining two-storey property.

The sixth lot is 10 Harcourt Street and 10/11 Montague Lane, which is in Dublin 2.


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