Development Securities buys Dublin retail assets for €12.8m

Purchase is part of a joint venture with Clarendon Properties

British listed property developer Development Securities has bought Nutgrove Retail Centre and Beacon South Quarter for€12.8 million.

The company acquired the investment assets as part of a joint venture with Clarendon Properties, the investment vehicle owned by Tony Leonard and Patrick McKillen.

The 45,000 sq ft Nutgrove Retail Centre includes key tenants Petworld and Home Store & More, with a current occupancy rate of 80.7 per cent. Beacon South Quarter is a mixed-use development that includes retail, residential, restaurant and office space.As part of THE deal, the joint venture has acquired the long leasehold for eight self-contained retail units currently let to firms including BoConcept, Your Local Pharmacy and Roche Bobois. The units have an occupancy rate of 86 per cent.

The deal is the latest in a number of acquisitions for Development Securities. The company last year spent €16.1 million on Donnybrook House in Dublin 4 and the Charlemont Clinic in Dublin 2.

Matthew Weiner, executive director with Development Securities said Dublin was an important market and the company saw further opportunities for development, trading and investment activity.

“Both of the investment assets acquired today are well-located, established retail destinations that offer the potential to enhance value through proactive asset management,” he said. “We are pleased to be in joint venture with experienced partners and together we look forward to improving the quality and experience of these retail locations.”