Three established Irish retail parks have been placed on the market for sale by Savills and Cushman & Wakefield.
Belgard Retail Park in Dublin, M1 Retail Park in Louth and Poppyfield Retail Park in Tipperary are for sale individually or as one lot with a guide price of €78m for all three.
Belgard Retail Park, which benefits from its densely populated local catchment along with its ease of access to the M50 Motorway, 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. There is surface car parking for 482 cars.
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 approx. 138,000 sq ft with 393 surface 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.
M1 Retail Park provides a mix of retail, leisure and office accommodation extending to approximately 267,000 sq. ft. along with 600 car-parking spaces. Much of the scheme constitutes retail and leisure use (89%) and is anchored by Woodies DIY who occupy 52,585 sq. ft. The park boasts a strong and diverse range of tenants including Smyths Toys, Sports Direct / Brand Max, Dealz, Equipet and EZ Living amongst others.
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.”
