CBRE puts south Dublin retail scheme on the market

CBRE has launched the sales process for a small but prestigious retail scheme which offers a redevelopment opportunity in the upmarket Donnybrook district of southern Dublin.

The selling agents are understood to be quoting €6 mln for Donnybrook Mall, which is 100% occupied and generates an annual rent of almost €393,000.

Donnybrook Mall is located in the heart of Donnybrook village. The scheme comprises a two-storey retail parade extending to 1,633 m2. The parade is anchored by Tesco which opened a store in the scheme in 2012.

Natalie Brennan, director at CBRE, said: 'With the existing tenant line up including Lloyds Pharmacy and Tesco accounting for 48% of the income as well as the future redevelopment prospects, the asset will captivate interest from a variety of investors.'

CBRE has been instructed by William O'Riordan, receiver of the assets of Padholme, to sell Donnybrook Mall by private treaty.

Padholme was a property company controlled by Irish property developer Sean Dunne, who filed for bankruptcy in a US court in March 2013 with debts of €690 mln. On the petition of Ulster Bank, an Irish court also declared him bankrupt four months later in relation to a debt of €164 mln.

In 2008 Padholme obtained planning permission to demolish the existing scheme in Donnybrook and replace it with a four-storey, mixed-use development extending to approximately 4,492 m2. Once re-developed, it was intended that the scheme would comprise six retail units, three office units, a medical centre, a restaurant/takeaway, a bank and four-two bedroom apartments. The original permission was granted in 2008 and has recently been extended until January 2019.