Belgard Retail Park to be bought for €120m

American investor Realty Income Reit is set to purchase the Belgard Retail Park in Tallaght and two more retail sites for a transaction in the region of €120 million.

Together with M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary, the Belgard property is part of the so-called Trinity Collection owned by Pat Crean’s Marlet Property Group.

According to The Irish Times, the proposed purchase price should be in line with the €120m guided by agent Cushman & Wakefield when

it was formally put up on the market in April.

This would mean a significant return on the original investment made by Marlet Property Group in 2021, when they acquired the Collection for €78 million from another American investor.

Cushman & Wakefield described the Collection as “a unique opportunity to acquire a substantial retail park portfolio, comprising three established parks strategically located throughout Ireland in densely populated areas.”

According to the agent, all three parks “have been boosted by rental growth in the region of 10 to 20 per cent over recent years.”

Anchored by home and garden store B&Q, Belgard Retail Park in particular is considered one of Dublin’s top-tier retail parks, with a total net operating income of approximately €3,434,696 per annum.

The Park includes leading retailers such as Home Store and More, Dealz and Pep & Co discounts, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks.

“A recent addition is Unit 8 which was pre-leased to EZ Living Interiors and extends to 1,380 sq m on the ground floor with a mezzanine level of 957 sq m,” reads the description.

“The Park provides surface car-parking for approximately 482 cars.

‘Rents have increased significantly in the park in recent years and offer incoming investors further opportunity to capitalise on the strong rental growth this sector is currently experiencing.”