Paddy McKillen and Tony Leonard’s Clarendon Properties has instructed agent Cushman & Wakefield to find a buyer for Nutgrove Retail Centre in south Dublin. The sale looks set to provide Clarendon with a healthy return on its investment. Having paid a total of €12.8 million in 2015 to acquire both the Nutgrove Retail Centre and the mixed-use Beacon South Quarter in Sandyford in 2015, Clarendon is offering the Rathfarnham scheme to the market at a guide price of €11.8 million.
Nutgrove Retail Centre is immediately adjacent to both Nutgrove Shopping Centre, which is anchored by Tesco and Dunnes, and Nutgrove Retail Park, which is anchored by Aldi and Harvey Norman. The centre extends to 4,056sq m (43,659sq ft) of retail warehouse accommodation along with 200 surface customer car-parking spaces. The scheme comprises four interconnected retail warehouse units and is anchored by Home Store & More. Other occupiers include Dealz, Pet World and Pat McDonnell Paints. Each unit comprises open-plan retail warehouse accommodation and ranges in size from 388sq m (4,179sq ft) to 2,672sq m (28,766sq ft).
The total current rent achievable is €842,934 inclusive of top-ups and the weighted average unexpired lease term (WAULT) is 6.2 years to break options and 10.1 years to expiry. The park is 100 per cent occupied.
The guide price of €11.8 million guide price (exclusive of VAT) reflects a net initial yield of 6.5 per cent assuming standard purchaser’s costs of 9.96 per cent.
Cushman & Wakefield say: “Nutgrove Retail Centre presents a rare opportunity to acquire a retail park in one of Dublin’s most established and affluent catchment areas. Anchored by a long-standing lease to one of Ireland’s leading homeware operators, the scheme benefits from full occupancy, strong footfall, and a high-quality tenant mix. The investment also offers compelling asset-management and regearing potential, underpinned by its strategic location within a densely populated residential area.”
