North American property firm buys Ballymount Retail Centre for €14.3m

BALLYMOUNT Retail Centre has sold for €490,000 over the guide price of €13.81 million.

The property, which was bought by the North American property firm Camgill Development Corporation, sold for €14.3 million last week.

The retail centre is comprised of two detached blocks on a site of just under five acres, with TileStyle as an anchor tenant.

TileStyle secures 43 per cent of the income for the retail development, and is on a 25 year lease for the site until 2032 with a tenant break option in 2022.

The retail centre was developed in 2006 and consists of nine retail units, including TJ O’Mahony and Sons, Subway, Spar and SIG Building Products, and first floor office accommodation.

There are 344 surface level car parking spaces for the entire development, and the development provides a net rental income of over €1.22 million a year.

The retail centre is located at the junction of Ballymount Road Upper and Ballymount Road Lower, and is within 15 minutes walking distance of the Luas red line service.

The development has a weighted average unexpired lease term of more than seven years, and there are eight individual tenancies in the park.

The Camgill Development Corporation recently acquired an industrial building in Ballymount Cross Industrial Estate for €1.24 million.