Having sold for €43 million to Savills Investment Management (IM) on behalf of its European Retail Fund in 2017, Lucan Shopping Centre has returned to the market through agent Cushman & Wakefield at the reduced price of €38 million.
Located in the heart of an established residential area, the shopping centre comprises 24 retail units with a combined floor area of 12,007sq m (129,252sq ft), on a 3.8 hectare (9.5 acre) site. The scheme is anchored by SuperValu, along with McDonald’s, O’Brien Fine Wines and a community library. The centre’s other main anchor, Dunnes Stores, owns its own premises. There are 702 free car-parking spaces within the site at surface and basement levels, and the centre has an annual footfall of some 3.3 million.
Since being acquired by Savills IM, the west-Dublin retail scheme has been the subject of a programme of asset management, involving a number of lease renewals and an extension of the lease with the Musgrave Group for its SuperValu store. Savills also secured planning permission for the development of two additional retail units within the scheme’s car park.
The passing rent of the centre is now in the region of €2.7 million, underpinned by the long-term lease agreement to SuperValu, which accounts for approximately 60 per cent of the income. The weighted average unexpired lease term (WAULT) to expiry is about 12.5 years.
Kevin Donohue of Cushman & Wakefield says: “We are expecting a strong level of interest from local and international investors, considering the long-term lease agreement in place to one of Ireland’s strongest supermarket operators, the high quality of the centre and the asset-management opportunities it presents being located in a very prosperous Dublin suburban location.”
