)
The Frascati Centre in Blackrock is being put up for sale by owner Invesco Real Estate, The Irish Times reports.
The move comes three years after the south Dublin retail scheme was offered to prospective purchasers in a targeted process for about €100M. This time round, the guide price is expected to be set at between €75M and €80M, and the sales process will be handled jointly by agents Cushman & Wakefield and Eastdil Secured.
Invesco acquired the Frascati Centre for €68M in 2015 after it formed a partnership with the John Bruder-led Burlington Real Estate to redevelop the centre, originally developed and owned by the Roche family of Roches Stores, which sold its business to Debenhams in 2006.
Since then, a further €30M has been invested in its renovation and extension, plus a residential development above the mall. After refurbishment, the centre relaunched in October 2019 at double the original size and with new retail units and a dedicated health and beauty quarter, broader food offering, and additional fashion and lifestyle brands.
The Blackrock property comprises circa 177K SF of retail space and 43K SF of residential accommodation across 42 apartments. The scheme generates an annual rent roll of €6.9M, with the retail and residential elements accounting for €5.4M and €1.5M of this income, respectively. More than 60% of the Frascati Centre’s income is being driven by the scheme’s grocery anchors, Marks & Spencer and Aldi, along with the rental apartments, all of which are occupied.
The tenant lineup includes Vodafone, a recently enlarged Boots, Bannon Jewellers, Bookstation, Health Store, Murray Mobile, Pamela Scott, Serena Boutique, Trespass and Vienna Shoes. Irish homeware retailer Home Store + More occupies the basement level of the former Debenhams unit.
Two years ago, Eastdil Secured described the Frascati Centre as “a 220K SF radically transformed dominant mixed-use town centre scheme in the affluent area of Blackrock, Dublin, with significant upside potential through additional private rented sector development opportunities.”
There is also full planning permission in place for the development of an additional 123 rental apartments across two phases.
)
)
)
)
)
)
)
)
)
)
)
)