A leading retail park anchored by the high-profile company Tilestyle in west Dublin goes for sale on Wednesday at a guide price of more than €13.8 million, which will give a new owner a net initial yield of 8.48 per cent.
Jane Dolan, of Cushman and Wakefield, is handling the sale of Ballymount Retail Centre for receiver Deloitte.
The centre was developed in 2006 and has two detached blocks on a site area of just under five acres. The nine retail units on the ground floor and office facilities on the first floor extend to 9,027 sq m (97,165 sq ft) and are producing a rental income of more than €1.22 million a year.
More than 85 per cent of the rents come from leading retailers, including Tilestyle who pay €521,000 per annum; TJ O’Mahony (€150,000); office tenants SIG Building Products (€316,000); and Spar (€112,000). The park has a weighted-average unexpired-lease term of more than 7.49 years.
Ground floor units
Block A has a floor area of 5,385sq m (57,965sq ft), which is shared by TJ O’Mahony and Tilestyle. Block C has seven ground-floor retail units, two of them vacant, along with overhead offices, with an overall floor area of 3,641 sq m (39,201 sq ft).
Dolan describes the Ballymount facility as a “well-secured high-yielding retail investment with the potential to further grow income returns via the implementation of a number of asset management opportunities”.
