Invesco Aims For Sale Of Blackrock Shopping Centre With Resi Potential
Invesco Real Estate has put the Frascati Centre in Blackrock up for sale and is prepared to sell the shopping centre at a significant discount, according to the Irish Times.
The proposed targeted disposal put a value of €100M on the mall, according to market sources, despite Invesco paying €68M in 2015 to acquire the centre and spending around €80M on its renovation and extension since.
The sale is being brokered by Eastdil Secured and the Frascati Centre includes 177K SF of retail space and 43K SF of residential across 42 apartments, generating a combined annual rent roll of €6.9M.
The Times reported Eastdil Secured speculated in a targeted sale listing that the potential exists to double the property’s net operating income within five years, with planning permission already secured for an additional 123 rental apartments across two phases.
In the first phase, eight two-bed, 18 one-bed and 15 studio units will be built, arranged in a U-shaped block around a central communal courtyard above the scheme’s multistorey car park. An additional phase would see a further 82 apartments built.
The Frascati Centre is anchored by Marks & Spencer and Aldi, with 45 more retail units, and it underwent a €30M extension and refurbishment between 2018 and 2019. It is 95% occupied, with tenants including outdoor fashion retailer Trespass with a new 1.2K SF store, while Irish homeware retailer Homestore & More is due to replace the former Debenhams in May.
Separately, the SouthGate Shopping Centre in Drogheda, County Louth, is being offered to the market by agent Colliers at a guide price of €31.5M.
Developed by Shannon Homes and business partner John Stanley at a cost of €120M in the early 2000s, SouthGate is a mixed-use scheme comprising 57K SF of retail, 93.6K SF of office and retail accommodation, 64 apartments and 730 parking spaces.
The retail element is anchored by Dunnes Stores and includes a mix of convenience retail, F&B and leisure, thought this accounts for just 17% of the overall rental income of €2.47M a year. The majority of the rent comes from SouthGate’s offices (44.5%) and residential rental units (38%).
