Ireland’s biggest regional shopping centre is going under the hammer
The Whitewater Shopping Centre in Newbridge will be put on the market this week with a pricetag of over €150 million, property industry news source CoStar News has revealed.
The County Kildare complex, which first opened in 2006, is Ireland’s largest regional shopping centre with about 300,000 sq ft of space and tenants including Marks & Spencer, Debenhams and Zara.
The centre has also four major tenants, 63 retail units, 11 food court units and a six screen cinema.
The price tag of €150m equates to a net initial yield of circa 7.5%. The development has a weighted average unexpired lease term of more than 11 years, and sits in Newbridge, Co. Kildare.
Joint agents Savills and London-based Coady Supple said the sale was expected to attract interest from “domestic and international investors looking for a quality retail investment” in a “large and affluent catchment area”.
The deal also includes 84 residences and the agents said the property was turning over about €11.7 million per year, the vast bulk of which came from the shopping centre tenants.
The announcement is hot on the heels of the recent announcement that Hammerson and Allianz Real Estate have agreed to acquire the Project Jewel portfolio of loans secured against prime retail assets in Dublin, including Dundrum Town Centre, and part ownerships of the ILAC Shopping Centre and the Pavilions Shopping Centre in Swords.
The Whitewater Shopping Centre is co-owned by Ballymore Group founder Sean Mulryan and the family of developer Liam Maye, who died in 2008.
