North American firm buys Ballymount centre for €14.3m

A North American property company, Camgill Development Corporation, has acquired Ballymount Retail Centre in Ballymount, west Dublin, only weeks after acquiring a standalone industrial building in the same area.

The company has paid €14.3 million for the retail element, €500,000 more than the guide price quoted by selling agent Jane Dolan of Cushman & Wakefield.

The retail centre, sold on the instructions of receivers Deloitte, was developed in 2006 and has two detached blocks on a site area of just under five acres.

The nine retail units on the ground floor and office facilities at first-floor level extend to 9,027sq m (97,165sq ft) and are producing a rental income of more than €1.22 million a year.

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Main tenants

More than 85 per cent of the rents come from leading retailers including Tilestyle who pays €521,000 for an exceptionally fine premises. The other main tenants are TJ O'Mahony (€150,000); office tenants SIG Building Products (€316,000) and Spar (€112,000). The park has a weighted average unexpired lease term of more than seven years.

Block A has a floor area of 5,385sq m (57,965sq ft) which is shared by TJ O’Mahony and Tilestyle. Block C has seven ground-floor retail units along with overhead offices with an overall floor area of 3,641sq m (39,200sq ft).

The sale of the retail park came only weeks after the Camgill Corporation purchased a spacious industrial building at Ballymount Cross\Industrial Estate for €1.24 million.

QRE handled the sale of the 1,329sq m (14,308sq ft) Elizabeth building which is let to Tocana Plastics at €100,000 per annum.