Douglas Court part of six-scheme sale for €120m

A second Cork shopping centre complex, Douglas Court, developed by the Love family’s Shipton Group, is part of a retail-dominated portfolio that is for sale valued at €120m.

Douglas Court part of six-scheme sale for €120m

This arrival follows the reported sale for €171 million, during the summer, of the Acorn portfolio. This portfolio included Shipton’s Blackpool Shopping Centre, in Cork, which sold for 30% over the €130m guide for centres in Cork, Tipperary and Dublin.

The Acorn portfolio was acquired by Värde Partners, via JLL and Roderick Nowlan, of Bannon, for Nama, and had a rent roll of €13.8m from 120 tenants: in Blackpool, Cork, in Clonmel’s Showgrounds, and Balbriggan’s Millfield Centre.

Now, another Love family/Shipton asset, Douglas Court, is one of six retail schemes, along with one office building, offered for €120m via Bannon jointly with Savills, for Lloyds Bank/BoS in the so-called Spectrum portfolio, with rental income of €11m.

Bannon’s Roderick Nowlan describes it as “a value-led sale,” given the profile of the tenant and the rent-roll, and says suitors for the Acorn portfolio may bid for the Spectrum portfolio. At the guide, there’s a 9% return on investment, with scope for buyers to benefit from domestic economic uplift.

One of the largest Irish retail portfolios to come to market as the retail sector starts to exit the doldrums, it includes the 167,000 sq ft Douglas Court Shopping Centre, anchored by Dunnes and with further development potential, along with the Bloomfields Shopping Centre, Dun Laoghaire; Dundalk Retail Park; Quayside Shopping Centre, Sligo; The Mill Shopping Centre, Clondalkin; and Kilbarrack Shopping Centre, Dublin, plus a Dublin office block let to the OPW, by the Mill Shopping Centre.

The assets extend to 569,000 sq ft of commercial accommodation, with 170 tenants and 31 acres of development land. Fergus O’Farrell, of Savills Ireland, and Roderick Nowlan at Bannon say the retail sector is reaching a turning point, and “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.”

* Details: Savills Ireland, 01-6181311; Bannon 01-6477909

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