Both value-add and income-driven investors are likely to be interested in the upcoming sale of nine retail units at the Dublin Landings mixed-use development in the heart of the city’s north docklands.
CBRE is quoting €4.5 million for the nine retail units, plus five secure car parking spaces.
Dublin Landings, developed by Ballymore and Oxley, is one of Dublin’s premium mixed-use developments, comprising over 750,000sq ft of office accommodation and about 13,750sq ft of retail accommodation. Notable office occupiers in the Dublin Landings development include the Central Bank of Ireland, A&L Goodbody, Hannover Re and the National Treasury Management Agency.
The development also comprises 268 residential units, which are owned and operated by US fund Greystar. Rents at Quayside Quarter start at about €3,249 per month.
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The retail units extend to a combined floor area of about 13,750sq ft. Five of the units are currently leased, and there is an asset management opportunity across the portfolio.
The leased units are currently producing an annual income of €274,500 a year, and have a weighted average unexpired lease term of about eight years. The scheme is anchored by Fresh supermarket, while other tenants include Grindstone Café, Grafton Barber, Dry & Fly and Bakehouse.
CBRE is offering the units for sale via four lots: lot 1: entire; lot 2: leased units; lot 3: vacant units; lot 4: five car parking spaces. Pricing for each individual lot is available by request.
Zach Collis-Lee from CBRE said: “This is a brilliant opportunity for both value-add and income-driven investors to acquire a premium retail holding in one of Dublin’s most evolving locations. There is significant residential and office construction ongoing in the immediate area which, upon completion, will help drive footfall for the Dublin Landings retail offering.”
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