Green Property plans €1b sale of Ireland’s largest shopping centre

Dublin-based Green Property is putting Ireland's biggest shopping centre and leisure scheme on the market next month.

It is understood that joint agents, JLL and Eastdil Secured, will seek around €1 bn for Blanchardstown Centre in west Dublin when the marketing process begins next month. The centre boasts an annual footfall in excess of 16 million.

The mall provides 112,000 m2 of space over 176 stores including 20 restaurants, two retail parks, a multiplex cinema and 6,000 surface car parking spaces. It generates €50 mln in rents a year.

The site also has development capacity for an additional 148,500 m2 of retail, offices, leisure and 600 plus apartments, under a master development plan.

Detailed planning consent is already available for a net 25,300 m2 extension to the main centre including:a major store unit over three floors, 17 internal retail units; eight external retail/restaurant units and a food court over two storeys; and, two underground levels of car spaces totalling 749 spaces.

'Blanchardstown Town Centre is a unique asset carefully planned and developed by Green Property, from greenfield site to Major Town Centre,' said Stephen Vernon, Green Property Group chairman. 'I believe now is the optimal time to transition to new ownership to take advantage of its development potential and capitalise on the recovery phase of the consumer cycle.'

John Moran of JLL, joint selling agent with Eastdil Secured, added: 'There has been a wave of international, institutional capital chasing the very best of Irish real estate, with established players such as Hammerson, Allianz, Hines, Starwood REIT and a number of the German funds, Union, Real I.S. & Deka making significant investments in the past 12 months. We expect strong international interest in the development which offers potential for both rental growth and development opportunity.'