Manor West Retail Park Sold For €59m

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Manor West Retail Park has been sold for €59m.

THE Manor West Retail Park has been sold to an American fund for €59m.

The park is one of the best performing shopping centres in the country with Harvey Norman, TK Maxx, Smyths and many more high profile companies situated in the area.

The Irish Times is reporting today that the investment will show an initial yield of just over 7 per cent for New York-based Marathon Asset Management.

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Developed in 2001 by Boyle Brothers, the park attracts over 90,000 shoppers a week and is fully occupied. It has retail floor area of around 32,515 sq m (350,000 sq ft) and has a rent roll of around €4 million a year.

Marathon had earlier purchased the Tesco and Debenhams stores.

In terms of rent, Woodies pays  €750,000 for 3,716 sq m/ 40,000 sq ft; TK Maxx, €350,000 for 2,322 sq m/ 25,000 sq ft; Next, €170,000 for 1,300 sq m/14,000 sq ft; Harvey Norman, €300,000 for 1,300 sq m/14,000 sq ft; Halfords, €170,000 for 1,207 sq m/ 13,000 sq ft; and Dixons, €160,000 for 929 sq m/ 10,000 sq ft.

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