Tuesday 24 April 2018

The Square Tallaght offered for sale at €233m

Ellie Donnelly

Ellie Donnelly

The sale of the Square Towncentre Tallaght has been formally announced today, with joint agents Cushman & Wakefield and JLL quoting in excess of €233m for the controlling interest within the centre.

The 577,500 sq ft scheme was originally opened in 1990 and sits on a site of approximately 27 acres.

Anchored by Tesco, Debenhams and Dunnes Stores, the Square has door counts in the region of €22m per annum.

Over the past six years the ownership of the scheme has undergone a significant transformation with the current vendor consolidating its ownership to a position whereby the new owners will hold 118 retail units (including a 13 digital screen cinema) and six ATMS in the centre.

In addition the new owners will have the controlling stake in the management company.

There are over 160 units in the store in total and over 2,400 car spaces.

The vendor’s interest is generating a net operational income of approximately €13.97m with a current weighted average unexpired lease term of just under 7 years. Over 70pc of this income is secured for over 5 years.

The sale is expected to attract interest from both domestic and international investors.

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