Warren Private has strengthened its hold on The Park in Carrickmines, Dublin 18, by buying into the next phase over a year after acquiring the first phase, writes Jack Fagan.
Park Developments - a privately owned property development company led by Michael Cotter - has pre-sold the second phase of a planned retail warehousing and shopping complex at Carrickmines, Dublin 18, for just under €100 million.
Warren Private Clients, who bought the upcoming development in conjunction with AIB Private Banking, also purchased the first phase of The Park in January, 2006, for around €100 million.
The yield on this occasion is slightly over 4 per cent - compared to an equivalent yield of 4.5 per cent achieved in the first stage of the scheme.
The developers are to underwrite the rent until the newly developed stores are let.
The rent roll will be around €4.3 million, bringing the overall rent from The Park up to €9.3 million.
About half of the 11,800sq m (127,014sq ft) of shopping facilities due to come on stream next March will have open retail use, though a supermarket or convenience store will not be allowed.
However, the mixed-use zoning will open the way for a range of fashion houses like Next, TK Maxx and H&M to avail of rents and service charges substantially lower than in shopping centres.
Harvey Norman is to anchor the second phase of the scheme, paying a rent of €1.5 million for a store of 4,923sq m (53,000sq ft).
Terms have also been agreed with Heatons to take a store of 1,858sq m (20,000sq ft) at a rent of around €700,000 per annum.
Two other top retailers are due to complete legal terms shortly for new outlets in The Park, leaving only 20 per cent of the remaining space still available.
Rents for large retail warehousing units are running at around €377 per sq m (€35 per sq ft), well ahead of the initial letting rent of €296 per sq m (€27.50 per sq ft).
Smaller outlets are expected to rent at well over €430 per sq m (€40 per sq ft).
The Park, which is conveniently located off the M50, attracted over one million shoppers in the past year.
The range of traders already include Woodies, PC World, Smyths Toys, Halfords, 53 Degrees North and Jim Langan Furniture.
Warren Private was set up in 2002 by accountant Kevin Warren and lawyer Enda Connolly and holds over €3 billion in property assets worldwide.
Fergus O'Farrell of Savills HOK advised Park Developments while John Moran of Jones Lang LaSalle acted for Warren and AIB.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/6BDEAESQEJH4BHNFRSVZH3W4TM.png)