Developer Marlet in the running to acquire Belgard Retail Park
MARLET Property Group is in the running to acquire Belgard Retail Park, along with two other retail parks as part of a portfolio, in a deal believed to be worth in the region 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 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 percent.
It has been reported that developer Pat Crean, who owns Marlet, has beaten parties such as French asset management company Corum, RQTwo, private equity fund Kildare Partners and Hudson Advisors to The Parks Collection.
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.
In 2017, Marlet Property Group acquired a nearby 7.2-acre site off the Belgard Road for a reported €16 million.
The site possesses several warehousing units which previous housed Cuisine de France, Uniphar and Kerry Group.
One land package was created through the assembling of a number of individual sites, which stretches back to Belgard Retail Park.
10-year permission for a strategic housing development at the site comprising of 438 apartments, 403 student accommodation bed spaces, a childcare facility and six retail units were granted in 2019.
That site is known as Belgard Gardens and it is adjacent to Belgard Retail Park.