Three established Irish retail parks have been placed on the market by Savills and Cushman & Wakefield. The asking price for the portfolio is €78m (exclusive of VAT).
Belgard Retail Park is one of the primary retail parks in Dublin, strategically located on Belgard Road in the heart of Tallaght, with easy access to the M50 motorway (Junction 10), approximately 11km south-west of Dublin City Centre. The park is fully occupied and anchored by B&Q, the largest home improvement and garden centre retailer in the UK and Ireland. Other occupiers within the Park include Homestore & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King Drive Thru and Starbucks. The retail park benefits from car parking for 482 cars. The Park extends to approximately 137,000ft² and there is further asset enhancement opportunity with planning permission in place to develop an additional retail warehouse unit on the northwest of the site of an additional 25,877ft² over two levels with 15,166 ft² of ground floor space and 10,710ft² of retail warehouse/storage space at mezzanine level. The total current rent is approximately €3.13m pa with a WAULT of 7.3 years. B&Q plc. contributes approx. 67% of the income on a lease until 2028 with an upward only rent review clause.
Poppyfield Retail Park is a dominant retail park occupying a pivotal location on the western side of Clonmel town, at the junction of the Cahir Road and the N24 (Limerick – Waterford Road). This is the main thoroughfare linking the M8 (Cork to Dublin) to Clonmel town. The park is situated approx. 2.5 km outside of Clonmel town centre immediately adjacent to the Clonmel Park Hotel. Poppyfield Retail Park was developed in 2004 and comprises a mix of retail warehousing along with an ancillary neighbourhood centre. The total floor area is 138,000ft² with 393 car parking spaces. There are 7 large retail warehousing units, with the remaining 7 units classified as neighbourhood retail units. The park is 99% occupied and has performed extremely well throughout recent government restrictions. Woodie’s DIY and SuperValu are the anchor tenants and other noteworthy tenants in the park include Harry Corry, Maxi Zoo, EZ Living, World of Wonder and D.I.D Electrical. The neighbourhood centre provides a mix of service users and food and beverage tenants including Costa Coffee, Sam McCauley, along with a hair and beauty studio and fish and chips operator. KFC also have a drive-thru at the entrance to the park which does not form part of the sale. The total current rental income is approximately €1.43m pa and a WAULT of approx. 7 years. Woodies and SuperValu contribute approx. 52% of the income both of which have seven and eight years respectively, remaining on their leases.
M1 Retail Park is located just off the M1 Motorway in Drogheda, Ireland’s largest town with a population of approx. 43,000. The town is situated 50km north of Dublin and is equidistant from Swords and Dundalk, the country’s second and third largest towns respectively. M1 Retail Park provides a mix of retail, leisure and office accommodation extending to approximately 267,000ft² along with 600 car-parking spaces. Much of the scheme constitutes retail and leisure use (89%) and is anchored by Woodies DIY who occupy 52,585ft². The park boasts a strong and diverse range of tenants including Smyths Toys, Sports Direct / Brand Max, Dealz, Equipet and EZ Living amongst others. The total current rent is approximately €2.44m pa with a WAULT of approx. 8.4 years. Woodies contributes approx. 40% of the income on lease until Sept. 2030 with upward only rent reviews.
A spokesperson for Savills and Cushman & Wakefield commented: “This Collection represents a unique opportunity to acquire a substantial retail park portfolio, comprising three established parks strategically located throughout Ireland with impressive tenant line ups and opportunities to increase the rent receivable over the coming years. We expect strong interest in the collection both individually and as an entire portfolio.”
