DevSecs and McKillen agree €12.8m southside property deal
London property firm Development Securities and Mr McKillen’s Clarendon Properties will pay €12.8m for the Nutgrove Retail Centre and retail units at Beacon South Quarter.
The deal is being done through a joint venture between the two companies, with both sides taking a 50% stake in the business. The sale price equates to a net initial yield of some 6.72%.
Beacon South Quarter is a mixed-use development made up of retail, restaurant, residential and office space, also located in south Dublin. The firms have acquired the long leasehold in respect of eight self-contained retail units within the wider scheme which are let to a number of national and local occupiers including BoConcept, Your Local Pharmacy and Roches Bobois.
In a statement, Development Securities said the occupancy rate across the eight units is 86pc and “there are a number of asset management opportunities to improve the retail offer and tenant mix”.
The Nutgrove Retail Centre is a 45,000 sq ft retail park with a number of tenants including Petworld and Home Store & More. Just over four-fifths of the centre is occupied at present.