Retail park to be sold in €162m package

585

SLIGO Retail Park along with four other retail parks are set to be sold as part of a package with an asking price of €162 million.

FOR SALE: Sligo Retail Park is for sale as part of a €162 million deal.
FOR SALE: Sligo Retail Park is for sale as part of a €162 million deal.

Property firm Savills and JJL have been appointed on behalf of two parties to bring what it describes as the ‘national portfolio’ to the market this week.

The auctioneers say they expect international as well as national interest in the shopping centres.

The Sligo Retail Park is in what is called ‘Lot 2’ along with retail parks in Letterkenny, Tullamore and Killarney, with a combined price of around €100 million for all four.

Meanwhile, Nutgrove Park in Dublin is also being offered for sale independent of the other retail parks at €62 million.

The combined price for all five shopping centres is valued at €162 million.

Sligo’s Retail Park is being advertised as a solid part of the investment package for any potential buyer with €2.05 million being raised in rent from current tenants each year.

As well as that, Homebase, which Savills describe as the ‘anchor’ of the project at Sligo Retail Park, is currently tied into a nine and half year agreement as a tenant at the Carraroe facility.

Along with Homebase, Sligo Retail Park currently has Currys, PC World, Harry Corry, Smyths Toys, Homestore and More, Halfords, McDonalds and KFC with six lots remaining of the 15 warehouse units that are in the location.

The location of the retail park on the N4 Sligo to Dublin road and the easy access to Sligo City Centre is also being given as a selling point.

“The scale of this sale gives investors scope to establish a significant retail park platform in Ireland and to benefit from the rental growth prospects we anticipate in the retail market,” John Moran of JLL comments.

There is more on the sale of the Retail Park in Sligo, and Sligo business in this week’s Sligo Weekender- out now!

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)