UK-based Development Securities has acquired two retail properties – Nutgrove Retail Centre and Beacon South Quarter, in Dublin – for €12.8 million, at a net initial yield of 6.72 per cent. The properties have been acquired in a 50-50 joint venture with Clarendon Properties, an investment vehicle owned by Paddy McKillen and Tony Leonard.

In Rathfarnham, south Dublin, Nutgrove Retail Centre is a retail warehouse scheme that has 4,180.6sq m (45,000sq ft) of accommodation, with key tenants including Petworld and Homestore and More.

The current occupancy rate is 80.7 per cent with the opportunity to let the remaining vacant units in the centre. The weighted unexpired lease term is 7.5 years.

Beacon South Quarter is a mixed-use development comprising retail, restaurant, residential and office space, also in south Dublin.

The joint venture partners have acquired the long leasehold in respect of eight self-contained shops within the wider scheme, which are let to a number of national and local occupiers including BoConcept, Your Local Pharmacy and Roche Bobois.

The occupancy rate across the eight units is 86 per cent and there are opportunities to change the retail offer and tenant mix.

Matthew Weiner, executive director at Development Securities, said: "This is the latest in a number of acquisitions that we have made in Dublin, an important market for us in which we see further opportunities for development, trading and investment activity. Both of the properties acquired today are well located, established retail destinations that offer the potential to enhance value through proactive asset management.

“We are pleased to be working with experienced partners and together we look forward to improving the quality and experience of these retail locations.”