Three established Irish retail parks have been placed on the market for sale by Savills and Cushman & Wakefield.

Belgard Retail Park in Dublin, M1 Retail Park in Louth and Poppyfield Retail Park in Tipperary are for sale individually or as one lot with a guide price of €78m for the entire.

Belgard Retail Park is one of the primary retail parks in Dublin, strategically located on Belgard Road in the heart of Tallaght, with easy access to the M50 motorway (Junction 10), approximately 11km south-west of Dublin City Centre.

Belgard Retail Park boasts a strong tenant line up and benefits from its densely populated local catchment along with its ease of access to the M50 Motorway. The park is fully occupied and anchored by B&Q, the largest home improvement and garden centre retailer in the UK and Ireland. Other occupiers within the Park include Homestore & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King Drive Thru and Starbucks. There is surface car parking for 482 cars.

The Park extends to approximately 137,000 sq. ft. and there is further asset enhancement opportunity with planning permission in place to develop an additional retail warehouse unit on the north west of the site of an additional 2,404 sq m (25,877 sq ft) over two levels with 1,409 sq m (15,166 sq ft) of ground floor space and 995 sq m (10,710 sq ft) of retail warehouse/storage space at mezzanine level.

The total current rent is approximately €3.13 million pa with a WAULT of 7.3 years. B&Q plc. contributes approx. 67% of the income on a lease until 2028 with an upward only rent review clause.

Poppyfield Retail Park is a dominant retail park occupying a pivotal location on the western side of Clonmel town, at the junction of the Cahir Road and the N24 (Limerick – Waterford Road). This is the main thoroughfare linking the M8 (Cork to Dublin) to Clonmel town. The park is situated approx. 2.5 km outside of Clonmel town centre immediately adjacent to the Clonmel Park Hotel.

Poppyfield Retail Park was developed in 2004 and comprises a mix of retail warehousing along with an ancillary neighbourhood centre. The total floor area is approx. 138,000 sq. ft. with 393 surface car parking spaces. There are 7 large retail warehousing units, with the remaining 7 units classified as neighbourhood retail units. The park is 99% occupied and has performed extremely well throughout recent government restrictions.

Woodie’s DIY (with lease guarantee from Grafton Group plc.) and SuperValu are the anchor tenants and other noteworthy tenants in the park include Harry Corry, Maxi Zoo, EZ Living, World of Wonder and D.I.D Electrical. The neighbourhood centre provides a mix of service users and food and beverage tenants including Costa Coffee, Sam McCauley, along with a hair and beauty studio and fish and chips operator. KFC also have a drive thru at the entrance to the park which does not form part of the sale.

The total current rental income is approximately €1.43 million pa and a WAULT of approx. 7 years. Woodies and SuperValu contribute approx. 52% of the income both of which have seven and eight years respectively, remaining on their leases.

M1 Retail Park, is located just off the M1 Motorway in Drogheda, Ireland’s largest town with a population of approx. 43,000. The town is situated 50km north of Dublin and is equidistant from Swords and Dundalk, the country’s second and third largest towns respectively. Strategically located just 1km off the M1 motorway which connects the country’s two largest cities; Dublin and Belfast, the M1 Retail Park is readily accessible from Dublin city and the Greater North-East Region. Less than 3km west of Drogheda town centre, the retail park has the dual benefit of convenience and accessibility.

M1 Retail Park provides a mix of retail, leisure and office accommodation extending to approximately 267,000 sq. ft. along with 600 car-parking spaces. Much of the scheme constitutes retail and leisure use (89%) and is anchored by Woodies DIY who occupy 52,585 sq. ft. The park boasts a strong and diverse range of tenants including Smyths Toys, Sports Direct / Brand Max, Dealz, Equipet and EZ Living amongst others.

The total current rent is approximately €2.44 million pa with a WAULT of approx. 8.4 years. Woodies (with lease guarantees from Grafton Group plc.) contributes approx. 40% of the income on lease until Sept. 2030 with upward only rent reviews.

The scheme comprises two retail parades connected by the mixed-use office, retail and leisure hub known as Mellview House. Mellview House is a four-storey building providing 25,048 sq ft of modern office accommodation ,a 30,483 sq ft gym facility at ground floor, basement and mezzanine levels operated by Gym Plus and a number of other smaller retail units.. In addition, The Pavilion, is a separate building and is home to Costa Coffee and TC Matthews with a recent new letting to Lanu Medi Spa.

There is additional site adjacent to M1 Retail Park which also forms part of the collection extending to approximately 27 acres. The land comprises of three adjoining plots with proposed zoning under the Draft Louth County Development Plan 2021-2027 as part Zoned A2 New Residential, part Zoned C1 Mixed Use and part Zoned B4 District Centre.

The vendor initially acquired two of the parks in the collection, Poppyfield and M1, as part of a larger portfolio in 2014 (which also included The Park, Carrickmines; Lakepoint Retail Park, Mullingar; and Four Lakes Retail Park, Carlow) while the third, Belgard, was acquired separately. The vendor has undertaken significant asset management of the assets and phased disposals of some of their individual assets in recent years and the offering of The Parks Collection now, is a further stage in this strategy.

Savills and Cushman & Wakefield are offering the collection in one lot or indiviually and are quoting an attractive guide price in excess of €78,000,000 (exclusive of VAT) for the entire reflecting a net initial yield in the region of 8.43% assuming standard purchaser costs of 9.96% and not taking account of the additional land in the collection.

A spokesperson for Savills and Cushman & Wakefield commented:

“This Collection represents a unique opportunity to acquire a substantial retail park portfolio, comprising three established parks strategically located throughout Ireland with impressive tenant line ups and opportunities to increase the rent receivable over the coming years. We expect strong interest in the collection both individually and as an entire portfolio.”