Paddy McKillen and Tony Leonard’s Clarendon Properties has secured €11.9 million from the sale of Nutgrove Retail Centre in south Dublin.
While the price paid by French investor Atland Voisin represents only a slight premium on the €11.8 million agent Cushman & Wakefield had been guiding when it brought the Churchtown scheme to the market in May of this year, Clarendon looks to have obtained a healthy return on its investment. The company had acquired the centre for its part in 2015 along with the mixed-use Beacon South Quarter in nearby Sandyford for a total of €12.8 million.
News of Atland Voisin’s purchase of Nutgrove Retail Centre comes just over one month after it completed its first Irish industrial investment, paying €7.2 million for Building 1 at Parkmore West Business Park in Galway.
The French fund made its first investment in Ireland’s commercial real estate market in September 2024, when it paid about €24 million for “20 on Hatch”, a prime office building on Lower Hatch Street in Dublin city centre. It followed that deal up within weeks when it paid €11 million for Kingram House, a four-storey office block on Dublin’s Fitzwilliam Place.
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Nutgrove Retail Centre is located immediately adjacent to both Nutgrove Shopping Centre, which is anchored by Tesco and Dunnes, and Nutgrove Retail Park, which is anchored by Aldi and Harvey Norman. The centre extends to 4,056sq m (43,659sq ft) of retail warehouse accommodation along with 200 surface customer car-parking spaces.
The scheme, which is fully occupied, comprises four interconnected retail warehouse units and is anchored by Home Store & More. Other occupiers include Dealz, Pet World and Pat McDonnell Paints. Each unit comprises open-plan retail warehouse accommodation and ranges in size from 388sq m (4,179sq ft) to 2,672sq m (28,766sq ft).
The total current rent achievable is €842,934 inclusive of top-ups, and the weighted average unexpired lease term (WAULT) is six years to break options and 10 years to expiry.
