Charlestown Shopping Centre & Development Lands on the Market for €35.5m - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 04/04/2018

Charlestown Shopping Centre & Development Lands on the Market for €35.5m


CNI Editor reports

Charlestown Shopping Centre in North Dublin, together with an adjoining development site with planning for 247 apartments and ground floor commercial space, has been brought to the market with a guide price €35.5m.

Joint sales agents Savills and Bannon will be seeking proposals for the property – either as a single lot or two separate lots consisting of the existing shopping centre and leisure/cinema block, and separately the mixed-use development site.

Charlestown Shopping Centre is anchored by an owner occupied Dunnes Stores – with the balance of the centre comprising 8,638 sq. m (92,980 sq. ft.) of lettable area across 26 mall units, kiosks and external units.

The scheme enjoys an average weekly footfall of 54,000 people and benefits from an underground car park extending to 1,350+ spaces. Major occupiers include retailers such as Heatons, Boots, Carphone Warehouse, Ulster Bank and Eddie Rockets.

The existing shopping centre and leisure/cinema block produce a combined net operating income of €2,835,738, with an average unexpired weighted income of just under 9 years. Over 75% of the income is derived from 10 tenants and current scheme occupancy is running at 91%.

The adjoining site, which sits above a basement car park, extends to just over 3 acres and has recently received planning permission for a 247 unit apartment scheme above an additional 7,000 sq. m. of new commercial space at ground floor.

At a time when demand for PRS schemes is strong, it is anticipated that the site is likely to attract a range of investors, developers and funds seeking to add to existing portfolios.