Developer Pat Crean’s Marlet in €78m deal for retail park portfolio

Three of Ireland’s best-known retail parks are to be sold for about €78 million following a hotly contested sale process involving both Irish and international investors.

Pat Crean's Marlet Property Group is understood to have seen off bids from a range of parties including: Lone Star subsidiary Hudson Advisors; French asset management company Corum; UK private equity fund Kildare Partners; and Simon Kelly's RQTwo for the Parks Collection. A joint venture involving developer Eamonn Duignan's Lexeme Properties and the UK-based Kinetik Group is also understood to have vied for the portfolio.

The Parks Collection, which is being sold by agent Cushman & Wakefield on behalf of New York-headquartered Marathon Asset Management, comprises Belgard Retail Park in Tallaght, Dublin 24, the M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary. Both Mr Crean and Cushman & Wakefield declined to comment on the deal when contacted by The Irish Times.

Belgard and M1

Belgard Retail Park is widely regarded as one of the foremost retail parks in the capital. The scheme is fully occupied and anchored by B&Q, the largest home improvement and garden centre retailer in the UK and Ireland. Other occupiers include Homestore & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks. The scheme also has planning permission for an additional retail warehouse unit of 2,404sq m (25,877sq ft). The total current rent is about €3.13 million per annum.

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The M1 Retail Park comprises a mix of retail, office and leisure accommodation extending to a total of 24,805sq m (267,000sq ft), along with 600 car-parking spaces. The scheme is anchored by Woodie’s DIY. Its other tenants include Smyths Toys, Sports Direct/Brand Max, Dealz, Equipet and EZ Living. The total current rent is €2.44 million per annum.

The M1 scheme also includes Mellview House, a four-storey building comprising office space, a gym operated by Gym Plus and a number of other smaller retail units. Another building known as the Pavilion is home to Costa Coffee and TC Matthews with a recent new letting to Lanu Medi Spa.

Poppyfield Retail Park

An additional site adjacent to M1 Retail Park also forms part of the sale. The land extends to 11 hectares (27 acres) and comprises three adjoining plots with proposed zoning under the Draft Louth County Development Plan 2021-2027 for three uses, namely A2 New Residential, C1 Mixed Use and B4 District Centre.

Poppyfield Retail Park extends to 12,821sq m (138,000sq ft) and comprises a mix of 14 retail warehousing units, a neighbourhood centre and 393 car-parking spaces. The park is 99 per cent occupied and anchored by Woodie’s DIY and SuperValu. Other tenants include Harry Corry, Maxi Zoo, EZ Living, World of Wonder and DID Electrical. The neighbourhood centre is occupied by Costa Coffee, Sam McCauley, along with a hair and beauty studio and fish-and-chips operator. KFC also has a drive-through at the entrance to the park, which does not form part of the sale. The total current rental income is €1.43 million per annum.