One of the largest ever retail property portfolios to be offered to the market in Ireland was launched today by joint selling agents Savills and Bannon. The €120 million-valued ‘Spectrum Portfolio’ comprises seven assets, covering a number of retail centers.
The retail schemes include: Douglas Court Shopping Centre, South of Cork City, Dundalk Retail Park, Dundalk, Quayside Shopping Centre, Sligo Town, Bloomfields Shopping Centre, Dun Laoghaire, The Mill Shopping Centre, Clondalkin, and Kilbarrack Shopping Centre, Dublin 5.
The sites "produce approximately €11 million of income offering an initial yield in the region of 9%," according to the agents.
There are over 170 tenants in total within the schemes, with anchor tenants including Tesco, Dunnes Stores, Woodie’s, TK Maxx and Boots, and over 3,600 car parking spaces in these seven locations.
Fergus O’Farrell, Director of Investments at Savills Ireland and Roderick Nowlan, Director of Investments at Bannon said: “The retail sector is clearly reaching a turning point. Retail sales are steadily increasing, there is a dramatically improved labour market and the prospect of more neutral budgets are now feeding through to the retail economy.
"This hasn’t gone unnoticed by investors, who are now beginning to seek opportunities in this space. Therefore we expect interest in The Spectrum Portfolio to be strong due to the diverse collection of assets on offer and its exposure to all sectors of the Irish retail market.”