Charlestown Shopping Centre hits market at €39.5m

Financier and property developer Ronan Barrett's company, Garristown Venture Holdings, is seeking a buyer for the Charlestown Shopping Centre in Dublin.

Barrett’s move to dispose of the well-known scheme follows several off-market approaches over recent months from investors interested in acquiring it.

The property will now be offered on the open market by agent Cushman & Wakefield at a guide price of €39.5 million.

Charlestown Shopping Centre occupies a high-profile location in Dublin 11 next to the M50 motorway.

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Retail space

The scheme comprises about 21,560sq m of retail space and is anchored by Dunnes Stores, Sports Direct and Boots. The district centre is also home to More 4 Less, Eddie Rocket's, Regatta, Wheelworx, Card Factory, Apache Pizza, a creche and a medical centre. Odeon Cinemas and Leisureplex also form part of the scheme along with a strong mix of tenants in the food, medical and supports services sectors.

The sale consists of the freehold interest in the entire shopping centre, cinema and leisure block and the car park.

The current occupancy rate is circa 98 per cent, with just two vacant retail units and a weighted average unexpired lease term of eight years to break option and 10 years to expiry. The total passing rent is expected to approach €4 million once the new lettings are delivered.

While the shopping centre’s €39.5 million guide price reflects a gross yield of 10 per cent, the selling agents anticipate that this figure will be surpassed given the current levels of interest in retail investment assets and the availability of capital allowances on the centre.

Sale of owner

The vendors are also open to a sale of the centre’s owner, Balrath Commercial Property Holdings Limited, as a corporate entity.

Charlestown Shopping Centre has seen significant change over the last three years under the direction of Barrett and his company’s asset-management team.

Some 375 apartments have already been developed adjacent to the shopping centre, which have already been let by Urbeo and Respond.

Barrett meanwhile recently secured planning permission for an additional 590 apartments at Charlestown Place immediately adjacent to the shopping centre.

Construction work has already got under way on this scheme, and it is expected that these apartments will be ready for occupation by September 2025.