Nutgrove Shopping Centre in Dublin Listed for €27.2 Million

Savills Ireland has launched the sale of a controlling interest in Nutgrove Shopping Centre, located in Rathfarnham, South Dublin, with a guide price of €27.2 million. The offering includes control of the management company, the centre’s surface car park, and 66 of the 90 units within the scheme.

Property Details

The entire Nutgrove Shopping Centre spans approximately 230,000 square feet and occupies 12.5 acres, providing 810 surface-level parking spaces. RTÉ reports that the property generates a net operating income of around €2.9 million annually, dependent on lease completions, and boasts a weighted average unexpired lease term of approximately four years.

Key Tenants and Recent Developments

Nutgrove Shopping Centre is anchored by major retailers Dunnes Stores, Tesco, and Penneys. Other significant tenants include Maxi Zoo, OPW Intreo offices, Circle K, Bookstation, Carraig Donn, Regatta, Specsavers, and Tiger. The shopping centre’s food court is also part of the sale.

Recent developments, including the opening of an Omniplex LUX cinema within an owner-occupied unit, have enhanced the centre’s appeal, particularly for evening trade. Savills Ireland notes a low vacancy rate of around 3%, indicating strong demand and a robust local customer base.

Investment Opportunity

According to Fergus O’Farrell of Savills Ireland, the sale represents a “rare opportunity” to acquire a substantial, income-producing retail asset in a prime South Dublin location. He highlights the combination of strong anchor tenants, low vacancy rates, diversified income streams, and asset management potential as key factors expected to attract both domestic and international investors.

Recent Transactions

This sale follows a recent transaction involving the neighboring Nutgrove Retail Centre, which was sold to French fund Atland Voisin for €11.9 million by Paddy McKillen snr and Tony Leonard’s Clarendon Properties. The Irish Times previously reported an expected guide price of around €30 million for Nutgrove Shopping Centre, but the current listing is at €27.2 million.