Belgard Retail Park goes to market as part of portfolio deal with guide price of €78 million
By Hayden Moore
BELGARD Retail Park is among two other retail parks to have gone to market, individually or as an entire portfolio with a guide price of €78 million, reports Hayden Moore.
As one of the primary retail facilities in Dublin, Belgard Retail Park is up for sale alongside M1 Retail Park in Louth and Poppyfield Retail Park in Tipperary by Savills and Cushman and Wakefield.
The Belgard Retail Centre
The sale of the entire portfolio, which are being labelled The Parks Collection, offers potential buyers the chance to secure a collection that takes in a net initial yield of 8.43 per cent.
The assets are also expected to garner some interest individually.
Strategically located on the Belgard Road in Tallaght, the 137,000 sq ft park also has planning permission in place to develop and additional retail warehouse unit on the north west side.
The planning permission constitutes a 25,877 sq ft proposed development over two storeys with 15,166 sq ft of ground floor space and 10,710 sq ft of retail warehouse/storage space at mezzanine level.
The total current rent approximates €3.13 million per annum with a weighted average unexpired lease term of 7.3 years for the retail park off the Belgard Road.
B&Q contributes around 67 percent of the income on a lease until 2028 with an upward-only rent review clause.
The Park boasts a strong tenant line up and benefits from its densely populated local catchment area, with a surface car parking for 482 vehicles.
Anchored by B&Q, all units are fully occupied in the park with Homestore and More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks.
New York-based Marathon Asset Management acquired M1 and Poppyfield as part of a larger portfolio in 2014, with Belgard Retail Park acquired separately.