Six retail schemes and an office block for €120m

Bloomfields Shopping Centre in Dun Laoghaire is among one of the properties included in the portfolio

Savills and Bannon have launched a portfolio of seven retail assets in which Tesco, Dunnes Stores, Woodie’s, TK Maxx and Boots are all tenants

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One of the largest ever retail investment portfolios to be offered to the market in Ireland was launched yesterday by joint selling agents Savills and Bannon. The €120m ‘Spectrum Portfolio’ comprises seven assets producing approx €11m of income offering an attracting initial yield in the region of 9%.

Anchor tenants within the schemes include Tesco, Dunnes Stores, Woodie’s, TK Maxx and Boots. In total, there are over 170 tenants and 3,600 car parking spaces in these seven locations.

The offering represents all four retail sectors, namely retail warehouse, grocery retail centres, town centre retail and a suburban shopping centre. The retail schemes include:

• Douglas Court Shopping Centre, South of Cork City
• Dundalk Retail Park, Dundalk, Co. Louth.
• Quayside Shopping Centre, Sligo Town
• Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin
• The Mill Shopping Centre, Clondalkin, Dublin 22
• Kilbarrack Shopping Centre, Dublin 5

Also included in the sale is a State let office block opposite The Mill Shopping Centre on Ninth Lock Road. This is a three storey modern office building let in its entirety to Dublin City Council and the OPW together with 94 car parking spaces.

All properties are funded by Lloyds Bank who appointed receivers. Combined, these assets provide approximately 569,000 sq ft of commercial accommodation and over 31 acres of development land. The portfolio offers a net initial yield of 9% (based on the guide price), and provide a current passing rent of approximately €11m per annum.

Fergus O’Farrell, director of Investments at Savills Ireland and Roderick Nowlan, director of Investments at Bannon said: “The retail sector 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. This hasn’t gone unnoticed by investors, who are now beginning to seek opportunities in this space. Therefore we expect interest in The Spectrum Portfolio to be strong due to the diverse collection of assets on offer and its exposure to all sectors of the Irish retail market.”

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