Nama to sell retail parks portfolio

Nama yesterday put its first retail park portfolio on the market for a guide price of €110m.

The Parks Portfolio consists of five separate retail parks around the country, with approximately 60% of the value derived from a substantial part of the Carrickmines Retail Park in Dublin.

Phase 1 of the Carrickmines development, which includes tenants Woodies; PC World and Next among others, is included in the portfolio and generates rental income of approximately €4.4m per annum, with a low vacancy rate of 7.6%.

Having been built by Michael Cotter of Park Developments it was sold for more than €100m in 2006 to Warren Private Investments and subsequently to the late property developer Liam Maye, in 2007.

Phase 2 of the park, which includes TK Maxx, Heatons, and Mothercare, is not included in the Nama sale.

CBRE and DTZ Sherry FitzGerald have been appointed as joint agents to handle the sale and expect strong interest from a wide range of private equity firms as well as the real estate investment trusts in the Irish market.

The other four parks included in the portfolio are the M1 Retail Park, Drogheda; Lakepoint Retail Park, Mullingar; Poppyfield Retail Park, Clonmel; and Four Lakes Retail Park, Carlow.

The Mullingar development located just off the main Dublin to Sligo Road was the first retail park to be developed outside of Dublin when it was built in 2001.

Three quarters of the park is currently let and generates an annual rent of approximately €772,000 per year.

Hardware store Woodies DIY are tenants in three of five parks. The largest of these is the M1 Retail Park in Drogheda.

In addition to the 258,188 sq ft retail park, the M1 development has an additional 31 acres of zoned land which are also included in the sale.

The Poppyfield Retail Park in Clonmel also has additional benefits outside of the core retail park development in the retail neighbourhood including Carphone Warehouse, Meteor Mobile and Sam McCauley Chemists.

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