Nutgrove Shopping Centre on market for €30m

A major retail centre in Rathfarnham is set to hit the market with a €30million price tag.

Developed in 1984, Nutgrove Shopping Centre is home to over 80 units across a total area of 21,237sq m (228,593sq ft).

Anchored by major tenants including Tesco, Penney’s and Dunnes, it also boasts a cinema and recently refurbished food court, along with key retailers such as Boots, Flying Tiger, Dealz, Holland & Barrett and FX Buckley.

Food retailers include Subway and Quigleys, and the first ever McDonald’s drive thru in Europe is located within the 825-space surface car park.

Regularly served by public transport routes, the shopping centre services the wider Rathfarnham area as well as neighbourhoods in Churchtown, Goatstown and Terenure.

Some of the units within the shopping centre are owned outright by occupiers and therefore not included in the sale, but it is understood the current rent roll is around €2.8million.

The shopping centre sits on the former Lambs Jam Orchards site and is at the centre of major retail developments within Rathfarnham, with the Nutgrove Retail Park located across the road and Nutgrove Retail Centre directly to the east, which was sold last year for €11.9 million.

The 13.5-acre site may also represent a significant opportunity for investors to deliver residential developments.

Current owners Lanthorn, a privately owned real estate investor and asset manager led by David Goddard, had sought planning permission in 2022 to construct an eight-storey mixed-use development including 91 apartments on a portion of the shopping centre’s lands but this proposal was rejected by Dún Laoghaire Rathdown County Council and refused upon appeal by An Coimisiún Pleanála.

It’s understood the property is to be brought to the market by Savills.