South Dublin Mall Comes To Market For €27M As Retail Continues Strong Performance

Nutgrove Shopping Centre in south Dublin has been put up for sale by Lanthorn for €27M, with the offer comprising control of the management company and the centre’s car park together with 66 of the 90 units within the scheme.

The 230K SF centre occupies 12.5 acres and is anchored by owner-occupied stores, including Dunnes Stores, Tesco and Penneys, plus convenience, fashion and homewares retail, food and beverage, offices and leisure. Savills Ireland is advising on the sale.

The property also includes 810 surface-level car parking spaces and generates a net operating income of around €2.9M per year with a weighted average unexpired lease term of approximately four years to break. Vacancy across the centre is approximately 3%.

An Omniplex LUX luxury cinema within an owner-occupied unit recently opened, and the surface car park offers potential asset management and medium-term development opportunities, subject to planning permission, Savills said.

“The combination of strong anchors, low vacancy, diversified income and clear asset management potential will appeal to a broad range of domestic and international investors...and we expect strong interest in the opportunity,” Savills Ireland Investment Director Fergus O’Farrell said in a statement.

Over the past six months, a number of large retail deals have started to make pricing more transparent in the country, notably for retail parks.

Portfolio transactions agreed earlier in 2025 have continued to reverberate through pricing expectations, most notably the €123.5M sale of the Trinity Collection and the far larger €220M Oaktree portfolio, both of which helped reset benchmarks for prime, convenience-led schemes. 

High street retail has seen selective activity, with 65-66 Grafton Street, let to fashion retailer Massimo Dutti, trading for approximately €19M, reflecting continued private wealth interest in prime Dublin assets.

While Dublin still accounts for the majority of activity, regional centres, particularly in locations such as Cork and Limerick, have also seen renewed interest where assets are anchored by food stores or offer asset management opportunities.