Woodies is the anchor tenant at Dundalk Retail Park
Dundalk Retail Park is amongst a portfolio of six retail schemes around the country and one office block that has been put on the market for €120m.
The Spectrum portfolio is for sale through joint selling agents Savills and Bannon, with the assets producing around €11m of income a year, offering an initial yield of 9pc.
The retail schemes are Douglas Court Shopping Centre, south of Cork city; Dundalk Retail Park; Quayside Shopping Centre in Sligo town; Bloomfields Shopping Centre in Dun Laoghaire; The Mill Shopping Centre in Clondalkin; and Kilbarrack Shopping Centre.
Also included in the sale is a State let office block opposite The Mill Shopping Centre on Ninth Lock Road. The whole of the three storey modern office building and its 94 car parking spaces is let to Dublin City Council and the OPW.
All properties are funded by Lloyds Bank, which is the appointed receiver. Combined, the assets provide around 569,000 sq ft of commercial accommodation and over 31 acres of development land.
Dundalk Retail Park owners Finnabair Estates went into receivership early in 2012 under interest payments of nearly €4 million a year to the Bank of Scotland and other lenders.
The retail park on the Inner Relief Road has 20 retail warehouses with an overall floor area of 21,578sq m (223,276sq ft) along with an industrial building and a fast food outlet. The tenants include Woodies, Currys, Homestore & More, Smyths Toys and KFC. Rental income comes to an impressive €2.67 million.
