North Dublin mall comes to the market
Charlestown shopping centre in North Dublin, together with an adjoining development site with planning for 247 apartments and ground floor commercial space, has been brought to the market with a guide price €35.5m.
Joint sales agents Savills and Bannon will be seeking proposals for the property – either as a single lot or two separate lots consisting of the existing shopping centre and leisure/cinema block, and separately the mixed-use development site.
Charlestown is anchored by an owner occupied Dunnes Stores – with the balance of the centre comprising 8,638 sq m of lettable area across 26 mall units, kiosks and external units. Major occupiers include brands such as Heatons, Boots, Carphone Warehouse, Ulster Bank and Eddie Rockets amongst others.
The existing shopping centre and leisure/cinema block produces a combined net operational income of €2,835,738, with an average unexpired weighted income of just under 9 years. Over 75 per cent of the income is derived from 10 tenants and current scheme occupancy is running at 91 per cent.