Property advisor Savills Ireland has launched the sale of the controlling interest in Nutgrove Shopping Centre in Rathfarnham in South Dublin with a guide price of €27.2m.
The offering comprises control of the management company and the centre's surface car park, together with 66 of the 90 units within the scheme.
The entire centre extends to approximately 230,000 sq ft and occupies a total of 12.5 acres, incorporating 810 surface level car parking spaces.
Nutgrove Shopping Centre is anchored by Dunnes Stores, Tesco and Penneys. Key tenants within the holding include Maxi Zoo, OPW Intreo offices, Circle K filling station, Bookstation, Carraig Donn, Regatta, Specsavers and Tiger.
The shopping centre's food court also forms part of the sale.
The property generates a net operating income of about €2.9m a year subject to certain leases completing, and offers a weighted average unexpired lease term of approximately four years to break.
Savills said that vacancy rates across the centre is low at about 3%, reflecting consistent occupier demand and the strength of its local catchment.
It added that the profile of the centre has evolved in recent months following the opening of an Omniplex LUX cinema within an owner-occupied unit.
Fergus O'Farrell, Savills Ireland, said that Nutgrove Shopping Centre represents a rare opportunity to acquire control of a substantial, income-producing retail asset in a prime South Dublin location.
"The combination of strong anchors, low vacancy, diversified income and clear asset management potential will appeal to a broad range of domestic and international investors," Mr O'Farrell said.
"The recent addition of the Omniplex cinema has further strengthened the centre's trading profile, particularly in the evening economy, and we expect strong interest in the opportunity," he added.
