Latest news with #retailinvestment
Irish Times
24-07-2025
- Business
- Irish Times
UK investor closing in on €115m purchase of Jervis Shopping Centre
A UK-headquartered investor is closing in on the purchase of the Jervis Shopping Centre in Dublin city centre for about €115 million. Pradera, a retail property investment and fund management specialist active across Europe, the UK and Middle East, has been selected as preferred bidder for the scheme. While the €115 million Pradera has offered to pay for the centre is less than the €120 million price that was guided by joint agents Eastdil Secured and Savills when they put it up for sale in March, it was enough to see off competing second-round bids from US investor Starwood and British billionaire Mike Ashley's Frasers Group. Interestingly, the proposed €115 million sale price is considerably more than the offers submitted in the first round of the sale process by other, predominantly Irish investors that included the Comer Group, Lugus Capital, and former Davy Real Estate chief executive David Goddard's Lanthorn. READ MORE None of these parties is understood to have tabled an offer in excess of €100 million for the scheme. [ Dublin's Jervis Shopping Centre to be put up for sale with €120m price tag Opens in new window ] Developed in the early 1990s on the site of the former Jervis Street Hospital by Padraig Drayne , Paddy McKillen and Paschal Taggart, Jervis Shopping Centre extends to more than 35,766sq m (385,000 sq ft) and has more than 90 retail units, including a foodcourt, across two floors supplemented by mezzanine floors. The centre's tenant line-up features national and international retailers including Tesco, JD Sports, Boots, Timberland, Bershka, Schuh, Sunglass Hut, Currys, Diesel, Rituals, KFC, Burger King and Butler's Chocolate Cafe. While the centre had counted Next among its occupiers for more than 20 years, the UK fashion retailer relocated to a new flagship premises nearby at 7-9 Henry Street in late 2018. More recently, the Jervis Shopping Centre suffered a blow with the decision by New Look to exit the Irish market. The UK discount fashion retailer is understood to have been paying about €2 million a year in rent for its Jervis store which, at 3,716sq m (40,000sq ft), was the largest in its chain of more than 1,000 outlets worldwide. In 2017, AIB Real Estate Finance provided a €155 million loan to refinance the Jervis Shopping Centre. The seven-year loan was made available to a company controlled by Mr Drayne and Mr McKillen.
Telegraph
16-07-2025
- Business
- Telegraph
Reeves has just allowed the City to foist its undesirables upon the rookie investor
Rachel Reeves is right. We lack a culture of investment. What is now clear is that this government has no idea how to fix that. Rather than a thoughtful series of proposals to steadily draw us from our shells, build confidence in the face of a daunting system and allow us all to take greater control of our financial futures, in her Mansion House speech the Chancellor has offered us up as sacrificial lambs. Sensing Downing Street's desperation in its attempts to divine growth, the City has taken the opportunity to foist its undesirables upon the retail investor, hoping a combination of greed and ignorance is potent enough to leave us all holding the bag. When Sir Keir Starmer declared the UK would be 'open for business' under his Labour government, he failed to mention that would come at the expense of everyone else. I agree with core principles of the Government's strategy. A competitive regulatory environment is important. We should harness the UK's global leadership in financial services – building a retail investment culture is a good idea. But it appears that once the Treasury had its subheadings, it allowed the City to fill in the blanks and forgot to mark its homework. More than ever, the devil is in the detail. Rather than making it easier for us all to invest in the highest quality, most liquid stocks, the reforms will instead lower the requirements for flogging us hard-to-sell, difficult-to-value assets. An easy reform would have been Isa simplification, allowing us all to invest in stocks and save cash within the same product. Instead, they have brought the long-term asset fund (LTAF) into the stocks and shares Isa, and promised banks they can send us notifications to buy shares sometimes. The LTAF is a product largely invented to allow pension funds to invest in private markets and infrastructure assets, the sorts of investments that require you to stay put for 20 years or more. Not only is this unsuitable for the majority of us, we as retail investors already have a way to access these investments through our deeply envied investment trust industry. If we're struggling to convince people to buy stock in our FTSE 100 companies – because they believe they're too complex or too risky – I doubt these savers will have the wherewithal to conduct due diligence on an asset that most fund managers aren't legally allowed to invest in. The Financial Conduct Authority has simultaneously produced a set of reforms that will make it easier for us to buy individual corporate bonds, a product no first-time investor should be considering to build their portfolio with. And Reeves sang the praises of the private intermittent securities and capital exchange system (Pisces), which would allow shareholders in private businesses to occasionally flog their shares to the rest of us. These are even riskier and more difficult to sell than anything you could find on Aim – in fact, currently, they're impossible to sell. While the safety railings are being dismantled, the Government is also watering down the protections we're afforded as consumers. The Financial Ombudsman Service will pay out less than it used to, and be neutered of its powers at the behest of businesses – a fact the Government acknowledges in its statement. Risk warnings will be tempered to be less off-putting, and less than two years after the Consumer Duty came into force – legally requiring businesses to consider the customer more than before – the regime faces reform. The simplest solution to breaking down barriers and encouraging the non-investor to dip their toe is education, yet even on this point, the Government isn't on our side. Rather than announcing a new programme of financial education in schools and building a generation of investors, the reforms focus on shifting the curriculum to 'align approaches on shared skills priorities in the financial services sector'. Once again, the Government has proven it is deeply vulnerable to lobbying. The building societies complained loudly enough to ensure the cash Isa reforms were shelved, and the investment industry has lobbied hard enough to sell its private markets to us. In her Mansion House address, Reeves said: 'For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.' We are on the edge of forgetting those risk warnings are there for a reason.
Irish Times
09-07-2025
- Business
- Irish Times
Meath Tesco premises at €1.15m offers buyer 7% yield
Agent Cushman and Wakefield is guiding a price of €1.15 million for a retail investment opportunity in the commuter-belt town of Ratoath, Co Meath. The investment, which is let to Tesco Ireland and trades as a Tesco Express, forms part of Riverwalk Court, a mixed-use scheme comprising apartments, offices and retail situated just off Fairyhouse Road. Located on the ground floor of Riverwalk Court, the subject property has a gross floor area of 375sq m (4,038sq ft) and is laid out as an open-plan retail unit along with staff facilities, a stockroom and back-of-house storage. The store has direct access from the surface-level car park to the front of Riverwalk Court. The property is leased to Tesco Ireland Ltd on a 25-year lease from December 2003 (expiry November 2028) with a passing rent of €88,000 per annum. Tesco Ireland has operated in Ireland for more than 25 years and has 177 stores in Ireland with about 13,000 staff. Turnover for year-end 2024 was €3.26 billion and the company has net assets of €1.47 billion. READ MORE Should a sale of the property proceed at the guide price of €1.15 million, the new owner would be in line for a net initial yield of about 7 per cent after deducting standard purchaser's costs of 9.96 per cent. Peter Love of Cushman & Wakefield says: 'This is an excellent opportunity to acquire an income-generating convenience store investment with an exceptional covenant in a thriving and growing town. Given its strong rental profile and highly accessible location, we're expecting interest from a variety of purchasers in this investment.'
Irish Times
25-06-2025
- Business
- Irish Times
Henry Street retail investment for €2.6m offers buyer 7% yield
Agent Colliers is guiding a price of €2.6 million for number 17 Henry Street , a fully let retail investment on what has long been regarded as one of Dublin city centre's most important shopping streets. The property, just two doors down from Arnotts , comprises a five-storey over-basement building of 478sq m (5,144sq ft), which includes 154sq m (1,658sq ft) of ground-floor retail space. The property is fully let to David Fun Max Limited, trading as Gifty, a mobile and electronics retailer specialising in phone accessories, repair services and tech products. Gifty forms part of a broader retail network trading as Hugmie, with a presence in 16 locations including Irish shopping centres such as Nutgrove Shopping Centre, The Pavilions and Liffey Valley. The company has been operating in Ireland since 2010. The Henry Street lease commenced on November 22nd, 2024, for a term of 10 years, at a contracted rent of €200,000 per annum on a full repairing and insuring (FRI) basis. A tenant break option is in place at the end of year six, with open market rent reviews every five years, offering secure income and future rental growth potential. Henry Street is home to a broad range of high street and international brands. Key occupiers on the street include Arnotts, JD Sports, Next, Mango, Schuh, Levi's, Dubray and Foot Locker. Sports Direct and Zara are due to open new flagship stores in the coming months within the former Debenhams department store premises, which is undergoing redevelopment. Should a sale of 17 Henry Street proceed at the €2.6 million guide price, the new owner would be in line for a net initial yield of 7 per cent. READ MORE Michele McGarry of Colliers says: '17 Henry Street is a strategically located retail investment offering secure income in one of Dublin's highest footfall locations.'
Irish Times
18-06-2025
- Business
- Irish Times
Fully let Tallaght retail investment for €1.6m offers buyer 10.25% yield
Agent Cushman & Wakefield is guiding a price of €1.6 million for Fortunestown Shopping Centre, a fully let neighbourhood retail investment in Tallaght , southwest Dublin . Located 1.5km west of Tallaght town centre and 1.5km southeast of Citywest business campus, the investment comprises seven convenience-focused retail units with about 80 surface car-parking spaces, on a site of circa 1.29 acres (0.52 hectares). While the centre is anchored by a SuperValu outlet, this unit was sold on a long leasehold and is excluded from the current sale. The leaseholder continues to contribute to service charges and insurance, however. Fortunestown Shopping Centre's current tenant line-up includes national and international brands, including Hickeys Pharmacy and Ladbrokes, accounting for approximately 40 per cent of the current annual rental income of €180.560. The remaining units are occupied by long-standing local tenants, including a newsagent, a hair-and-beauty salon, a Chinese takeaway, chip shop and a delicatessen. The tenant covenants are underpinned by a weighted average unexpired lease term of 10 years to expiry and eight years to break. [ Rathcoole site with full planning for six industrial units seeks €6.55m Opens in new window ] [ Refurbished distribution warehouse in north Dublin available to let Opens in new window ] The €1.6 million guide price equates to a net initial yield of 10.25 per cent, assuming standard purchaser costs of 9.96 per cent. READ MORE Adam Ghee of Cushman & Wakefield says: 'Fortunestown Shopping Centre offers an opportunity to acquire an essential neighbourhood retail scheme in a densely populated residential area. With excellent lease terms, secure long-standing tenants and a strong local catchment, we expect strong interest from private investors, family offices and funds targeting stable, long-term income.'
