Dublin-based Chandos Investments has placed Blackpool Shopping Centre and Retail Park in Cork, Ireland, on the market for a guide price of €117 mln.
JLL has been appointed to act together with joint agents HWBC on the sale of the asset.
'Blackpool Shopping Centre and Retail Park is a dominant retail scheme of significant scale providing secure cash flows from an excellent tenant line up,' commented John Moran of JLL and Tony Waters of HWBC. 'We believe the investment will be of interest to a wide variety of both domestic and international buyers ranging from core capital to value add players.'
According to JLL and HWBC, the guide price in excess of €117 mln would provide an investor with a commencing return of over 6%. The annual net operating income is currently €7.38 m per annum with a WAULT of approx 6.13 years.
The sale comprises two assets totalling 408,282 ft2 (38,000 m2), divided into 299,739 ft2 (27,850 m2) of retail space plus 108,513 ft2 (10080 m2) of self-contained offices. The retail park element is anchored by Woodies, Aldi, Boots, Heatons, Maplin and Next Home. The shopping centre includes a 75,000 ft2 (7,000 m2) anchor unit owned by Dunnes Stores.
According to JLL, the Blackpool scheme dominates the catchment of North Cork with a population in excess of 400,000 people, and achieves a market share in excess of 40%.
Chandos Investments, which purchased the asset in 2014 as part of a larger portfolio, has carried out significant asset management initiatives. It continues to hold and manage a significant portfolio of shopping centre assets in Ireland.
