Advisor JLL Ireland is marketing Dublin’s The Arena Centre for a price of €45 mln, reflecting an income return profile of 7.62%.
In a statement, JLL said that this multi-let investment opportunity presents investors with a stable income profile generated from a strong and diverse mix of office, retail, and hotel tenants. The investment offers an attractive WAULT to break/ expiry of approximately 6.8 years and generates an annual income of €3.77 mln, with strong future income growth opportunities.
Located in the heart of Tallaght, Dublin’s largest suburb, The Arena Centre benefits from a catchment of almost 400,000 people in the South Dublin region, as well as attracting people from north Co. Kildare and Co. Wicklow.
The Arena Centre extends to almost 321,385 ft2 comprising 99,324 ft2 of retail across eight units, 98,137 ft2 of modern office accommodation and a 119-bedroom Maldron hotel, which includes an adjoining Leisure Centre. The asset wraps around a central surface carpark which provides ample car parking for retail customers, which also comprises part of the sale.
The Arena Centre is almost fully occupied with 98% of the accommodation leased.
Brian Shields of JLL commented ‘The Arena Centre is a landmark mixed-use asset in Tallaght which benefits from a great location in Dublin’s largest suburb, with a catchment that extends into the Count Kildare and Wicklow regions. We expect to see good levels of interest from prospective buyers seeking the strong income returns this asset offers which are supported by a strong and diverse tenant profile.’
