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THE RECORD FOR the biggest sale of retail space ever in Ireland has just been smashed after the +€175 million sale of five retail parks.
In total, over 1.1 million sq. ft changed hands as the shopping centres were snapped up by investment firm Davidson Kempner.
Estate agents Savills say that there was both domestic and international interest in the properties with bids exceeding €1.22 billion.
Savills’ Domhnaill O’Sullivan said that the interest is coming from the fact that investors as observing retail rents and consumer sentiment both going up.
The five properties are:
Nutgrove Retail Park, Rathfarnham, Dublin
Comprising 195,000 sq. ft., the well known south Dublin retail park is fully-let and sits adjacent to Nutgrove Shopping Centre. Individual price for the park stands at €62 million, the largest in the portfolio given its prime Dublin location.
Tullamore Retail Park, Offaly
The midlands park is 170,000 sq. ft. in size and sits five minutes from the centre of Tullamore town. This park, together with the three other regionals, is valued at €100 million in total.
Deerpark Shopping Park, Killarney, Kerry
One of the few such parks in Ireland which comes with open retail use (i.e. the potential occupier mix is significantly greater than a regular park), Deerpark is 140,000 sq. ft. in size at the heart of one of Ireland’s most popular towns.
Sligo Retail Park
A larger scale property again with a size of 260,000 sq. ft, and located just outside Sligo Town on the N4 to Dublin, Sligo Retail Park consists of 18 units occupied by the likes of Homebase and Halfords.
Letterkenny Retail Park, Donegal
The largest of the five parks listed at 380,000 sq. ft., Letterkenny consists of a massive 38 units and serves as the largest retail offering in the country’s northwest.
- With reporting from Cianán Brennan
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What am I missing here savills say they received bids in excess of 1.2 billion but it was sold for 175 million, my head all over place here or was that just a misprint or did I read it wrong, someone please put me straight
1.22 billion in combined bids from different investors……
Im assuming it was a tender process. Say 100 bidders bidding 120 million would make the 1. 2 billion. Highest and winning bid was 175 million.
Yep…that is confusing as €1 billion is €1,000 million.
Now I’m with the programme thanks Mark and Cian it was just confusing me even after reading it back couple of times
Not only confusing but also, combining the bids is a nonsensical figure. €1.1 billion is meaningless as that much would never have changed hands
Yeah it was badly described.
Back in my day, there was no shops, we made everything or did without!
The youngsters of today
We used to sit around a Polo mint to keep warm…..and when it was really cold…..we’d suck it.
Shut you’re moanin’, made men of ye, it did!
Or when we were really stuck for money at the Feile in Thurles we’d smash up that Polo mint and sell it in small powdered quantities in its own tin foil as a mind altering substance. Good ould dishonest fun.
Since they built nutgrove retail Park, they added about 3 more traffic lights between it and grange road, traffic disaster.
We can sell the GPO , Leinster House, Farmleigh House and lots of other national heritage assets as long as the buyers have no Irish connections.
Racist?
Are they racist or just narrow minded?
jaysus, not another one.
I’d buy the deer park shopping centre. They do good trade in there! Can’t believe they all sold for that money. Some speculator cleaned up today I’m sure.
That’s not the actual shops, just the land and buildings. Any new owner must get investment returns from rental income only, not profits from goods sold in the shops
Their level of trade (noted by recording footfall etc) will dictate the rent and subsequent demand for units in teh future meaning greater returns for the Landlord who bought the centre. Also many retailers who took on leases over the last 10 years are on a turnover rent where their level of revenue is directly linked to the rent they pay…..they do well so does the Landlord.
Can’t see the big thing about it there only shops Nama will end up with them 1 day
Gg
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