Charlestown shopping centre in North Dublin, together with an adjoining development site with planning for 247 apartments and an additional 7,000 m2 of ground floor commercial space, has been brought to the market with a guide price of €35.5 mln in one of the largest Irish retail sales of the year.
Joint sales agents Savills and Bannon will be seeking proposals for the property – either as a single lot or two separate lots consisting of the existing shopping centre and leisure/cinema block, and separately the mixed-use development site.
Charlestown is anchored by an owner-occupied Dunnes Stores – with the balance of the centre comprising 8,638 m2 of lettable area across 26 mall units, kiosks and external units.
The scheme benefits from an underground car park extending to 1,350+ spaces. Major occupiers include retailers such as Heatons, Boots, Carphone Warehouse, Ulster Bank and Eddie Rockets.
The existing shopping centre and leisure/cinema block produces a combined net annual operational income of €2.8 million, with an average unexpired weighted income of just under nine years. Over 75% of the income is derived from 10 tenants and current scheme occupancy is running at 91%.
The adjoining development site sits above a basement car park and extends to just over 3 acres.