Savills, Bannon bring €120m Irish retail portfolio to market

Agents Savills and Bannon are bringing the €120 mln Spectrum Portfolio to market in one of the largest-ever retail investment portfolios to be put up for sale in Ireland.

The 52,860 m2 package comprises seven assets producing €11 mln of income and offering an initial yield in the region of 9%.

The offering includes the Douglas Court shopping centre, South of Cork City; the Dundalk retail park; the Quayside shopping centre in Sligo Town; the Bloomfields mall in Dun Laoghaire; the Mill shopping centre in Clondalkin, Dublin 22; and the Kilbarrack mall in Dublin 5.

Also included in the sale is a state-let office block opposite The Mill shopping centre on Ninth Lock Road. This is a three-storey office building let in its entirety to Dublin City Council and the OPW together with 94 car parking spaces.

In total, the seven assets comprise over 170 tenants and 3,600 car parking spaces. All properties are funded by Lloyds Bank which appointed receivers.

Fergus O’Farrell, investment director at Savills Ireland and Roderick Nowlan, director of Investments at Bannon commented: 'The retail sector is clearly reaching a turning point in Ireland. Retail sales are steadily increasing, there is a dramatically improved labour market and the prospect of more neutral budgets are now feeding through to the retail economy. This hasn’t gone unnoticed by investors, who are now beginning to seek opportunities in this space.'