Green Property Group has announced its plan to sell Dublin shopping destination, Blanchardstown Centre.
Blanchardstown Centre is Ireland’s largest shopping and leisure destination, with 176 stores and an annual footfall of 16 million.
Its anchor tenants include Dunnes Stores and Marks & Spencer, as well as department store Debenhams and a large Penneys outlet.
The existing development of 112,000 metres squared also features 6,000 surface car parking spaces, and is served by a strong road and public transport network, which sees 600 buses come and go daily.
Its current rent roll comes in at €50 million per annum, and Green Property Group says that there is scope to increase this through asset management and development opportunities, for which there is already detailed planning consent.
Stephen Vernon, Green Property Group Chairman, commented, "Blanchardstown Town Centre is a unique asset carefully planned and developed by Green Property, from greenfield site to Major Town Centre. Today, it is one of Europe’s most successful and vibrant retail destinations."
He added that, "A fundamentally strong economic backdrop, compelling development potential and the inherent strengths of this asset present significant opportunity for the new owners of this great centre."
The asset is set to be formally released to the market by joint agents, JLL and Eastdil Secured, in early February of this year.
John Moran of JLL said, "This is a very exciting time to bring such a prestigious and unique European asset to the market, set against a backdrop of spectacular growth in the Irish retail industry driven by strong economic recovery."
© 2016 - Checkout Magazine by Jenny Whelan.
