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NAMA release Park Portfolio on market

Wednesday, July 30 10:22:39

NAMA today confirmed the scale and identity of its first retail park portfolio to be offered for sale on the Irish market, selling five retail parks with a guide price of over E110m.

Nearly 60pc of the total will come from the sale of a significant part of Carrickmines Retail Park known as Phase 1, The Park.

The four other assets are M1 Drogheda, Lakepoint in Mullingar, Poppyfield in Clonmel and Four Lakes in Carlow

The joint sellers, CBRE and DTZ say that the Parks Portfolio is generating a net initial yield of 8.4pc.

The sale will be of interest to a wide range of private equity firms and given the yield compression experienced in the office market it is also expected that the REITs and the funds will have an interest in the emerging retail investment market and the ability to benefit from asset management opportunities, they say.

The Park in Carrickmines is south Dublin's premier retail park. Phase 1 of the Park offers 203,170 sq. ft. of retail warehouse space and benefits from key tenants such as Woodies, PC World, Next and Halfords. The scheme generates a rental income of approx. E4.4 million per annum and has a low vacancy rate of 7.6pc. Phase 2, which is not included in the sale, also includes a strong tenant line up to include household names such as TK Maxx, Heaton's, Mothercare and Harvey Norman.

M1 Retail Park, Drogheda is approximately 30 minute drive north of Dublin and comprises approximately 258,188 sq. ft. of quality mixed use space to include retail warehousing, offices, leisure and restaurant facilities. M1 Retail Park also has development potential with adjacent zoned lands of approximately 31 acres which are included in the sale. The M1 currently generates a rent roll of approx. E2.8 million per annum with 35pc of the income generated from national brands such as Woodies DIY, Smyth Toys and Heaton's.

Located in Mullingar with 200 meters frontage to the N4, (the main Dublin to Sligo Road) is Lakepoint Retail Park. Built in 2001.

Poppyfield Retail Park is located in Clonmel, the administrative capital of the south midlands region. The retail park benefits from a strong tenant line up with Woodies DIY as the anchor tenant along with Supervalu occupying approx. 42,000 sq. ft. and 32,000 sq. ft. respectively. Other tenants include Harry Corry and DID Electrical.

Finally, Four Lakes Retail Park is located in Carlow, one of the largest urban areas in Ireland, with a population of 23,000. The Retail Park is ideally located on Dublin Road, one of the main access routes to the M9 motorway.

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