Blackpool in Nama sale

CORK’S Blackpool Shopping Centre has a €75m valuation, as part of a €130m Nama first ‘Acorn Portfolio’ sale of Irish shopping centres, with 120 tenants.

Blackpool in Nama sale

One of Munster’s largest retail centres, it was developed in the early 2000s, at a reported mixed-used (including residential element) investment cost of €400m but had considerable elements sold off to office occupiers, a cinema operator, investors and the likes of Dunnes Stores, who own their own major 75,000 sq ft anchor store.

The Blackpool Centre, along with Clonmel’s Showgrounds Centre and Balbriggan’s Millfield Shopping Centre, is being sold by Nama, who decided on the mix to attract overseas investors and Irish Reits, with returns of c 9.5% and rents of €13.8m.

Joint agents are JLL and Bannon, stressing its strong cash flow and appeal to investors looking to get a substantial first hold on Irish retail investments, totalling 700,000 sq ft.

All three centres are strong performers in their locales, and Blackpool is Cork’s dominant northside retail complex, with over 300,000 sq ft of retail and retail park developed, along with 200,000 sq ft of offices and has 1,800 car spaces.

Largely funded by Bank of Ireland, the shopping centre and retail park was developed on the old Pole Field in Blackpool after a site assembly by the Love family’s Shipton Group. The Loves have been involved in Cork’s retail development since the mid 1970s, and five year ago redeveloped their original Douglas Village Shopping Centre at a reported cost of €90m.

Their adjacent Douglas Court Shopping Centre has been in receivership since 2012, and their company HQ in Carrigaline, Waterpark House, was sold last year.

Dunnes Stores anchors the shopping centre, with a further 110,000 sq ft, almost all fully occupied, and retail park operators include an Aldi, Heatons, Next Home, Woodies, Boots, etc. Total rental income (including offices) is c €8m pa.

The major complex is offered as part of a single lot for Nama, and is joined by the new 180,000 sq ft Millfield Shopping Centre in Balbriggan, Dublin. Built by Calculation Developments, valued at c €40m, and funded by Anglo Irish Bank, it was completed by Nama funds. About two-thirds occupied, it has a Tesco store of over 100,000 sq ft, with the supermarket paying €2.34m pa..

The third element of the lot is Tipperary’s 130,000 sq ft Showgrounds centre in Clonmel, developed five years ago by Limerick man Paul O’Brien at a reported cost of €40m, and now valued at €15m, with rents of €1.3m.

Details: Bannon, 01-6477900; JLL, 01-6731600

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