Tuesday 24 April 2018

Shopping centres and office block on market with €120m price tag

Douglas Shopping Centre for sale
Douglas Shopping Centre for sale

Five shopping centres, a retail park and one office block have gone on the market for €120m.

The sale of one of the largest ever retail investment portfolios to be offered was launched by joint selling agents Savills and Bannon.

The seven units, which are said to produce approximately €11m of income, include Douglas Court Shopping Centre in Cork, Quayside Shopping Centre in Sligo, Dundalk Retail Park and retail centres in  Dun Laoghaire, Clondalkin, and Kilbarrack in Dublin.

Among the 170 tenants are Tesco, Dunnes Stores, Woodie’s, TK Maxx and Boots.

Fergus O’Farrell, of Savills said the retail is clearly reaching a turning point.

“Retail sales are steadily increasing, there is a dramatically improved labour market and the prospect of more neutral budgets are now feeding through to the retail economy,” he said.

“This hasn’t gone unnoticed by investors, who are now beginning to seek opportunities in this space.”

The sale also includes an office block opposite The Mill Shopping Centre on Ninth Lock

Road which is let in its entirety to Dublin City Council and the OPW.

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