Guide price of €55.2m for Manor West Shopping Park in Tralee

Rent roll amounts to more than €5 million per annum



31 August 2021

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Manor West Shopping Park in Tralee, Co. Kerry has been brought to the market at a guide price of €55,175,000.

Fully occupied by international and Irish retailers, The Irish Times reports that the new owner would have the opportunity to secure a net initial yield of 8.81% based upon the current rent roll, which amounts to more than €5 million.

The guide price also represents a 6% discount on the €59 million paid by the current owners to secure the site back in 2015. However, the park’s overall rental income has grown by more than 25% under Marathon’s guidance, up from around €4 million in 2015.

The anchor tenants are Harvey Norman and Woodies DIY, with a lease guarantee from the company’s owner Grafton Group. Other noteworthy tenants in the 100% occupied park include Tesco, TK Maxx, Next, Homestore & More, Smyths, Currys PC World, Petmania and Halfords. Two of the latest tenants are Danish home group JYSK and pet shop Maxi Zoo.

The total current rent receivable is €5,342,460 per annum and the weighted average unexpired lease term (Wault) is 6.3 years to break options and 7.2 years to expiry.

At 32,549sq m (349,403sq ft), the park sits on a site area of about 11.74 hectares (29 acres), with more than 1,000 surface car parking spaces. It is split across two different sections: the retail park and shopping centre.

Further development options are available subject to planning permission, alongside potential opportunities to extend tenant leases and carry out rent reviews.

It is currently owned by US investor Marathon Asset Management which  instructed agent Cushman & Wakefield to bring the site to the market.

In June, it put the Parks Collection, including Belgard Retail Park in Tallaght, the M1 Retail Park near Drogheda, Co. Louth and Poppyfield Retail Park in Clonmel, Co. Tipperary, on the market at a guide price of €78 million. With a number of offers from interested parties under their belts, the agents are believed to be in talks with a preferred bidder about selling the portfolio at its guide price.



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