Six Irish shopping centres to be offered in Project Spectrum
There are six Irish shopping centres to be offered for sale in a single lot by Lloyds Banking, named the Spectrum portfolio, in a further move to recover some of the development loans granted by Bank of Scotland Ireland.
Joint agents Bannon and Savills are quoting €120 million for the shopping centres at Douglas in Cork, Quayside in Sligo town, Bloomfields in Dún Laoghaire, Co Dublin, The Mill in Clondalkin, Dublin 22, Kilbarrack in Dublin 5 and Dundalk Retail Park in Co Louth. The sale also includes a rented three-storey office building in Clondalkin and 30 acres of development land adjoining Dundalk Retail Park.
The Spectrum portfolio’s seven assets produce approximately €11 million of income, which at a sale price of €120 million would offering a net initial yield in the region of 9%.
The retail schemes include:
- Douglas Court Shopping Centre, South of Cork City. WAULT, 7.64 years, 85% occupancy, annual rent: €3.9m
- Dundalk Retail Park, Dundalk, Co. Louth. WAULT, 8.32 years, annual rent: €2.46m
- Quayside Shopping Centre, Sligo Town. WAULT, 3.97 years, annual rent: €1.28m
- Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin. WAULT 7.2 years, annual rent: €852.2m
- The Mill Shopping Centre, Clondalkin, Dublin 22. WAULT 10.9 years, annual rent: €1.29m
- Kilbarrack Shopping Centre, Dublin 5. WAULT 11.79 years. Annual rent: €721m
- A State let office block opposite The Mill Shopping Centre on Ninth Lock Road, building let in its entirety to Dublin City Council and the OPW. WAULT, 5 years, annual rent: €451.5m.
First round bids are called for 10th October, with second and binding bids expected three weeks later before closure with the winning bidder slated for mid-November.
For further information please contact Rod Nowlan of Bannon on 01 6477900
The Spectrum portfolio, renamed from the portfolio’s original name of Project Thomond after peripheral Limerick assets were removed.
