Tag: retail

NAMA appoint Wells Fargo Bank to handle Dundrum town centre sale

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Nama have appointed Eastdil Secured, a subsidiary of the Wells Fargo Bank to handle the sale of the most expensive real asset asset in Ireland, Dundrum Town Centre. The €1 billion loan sale will also cover a number of other properties, with 50% stakes in the successful Pavillions Shopping Centre in Swords and The Ilac Centre on Dublins Henry Street.

Confidence continues to increase that Dundrum, seen as the crown jewel in the Nama portfolio, will attract interest from several sovereign wealth funds as well as some of the largest institutional investors. The loans are due to go on the market towards the end of next month, with first bids due in early August.

Dundrum Town Centre opened in 2005 and covers about 1.34 million sq ft with more than 100 shops, 40-plus restaurants, cinemas, a theatre, and 3,400 car park spaces

Source: http://www.irishtimes.com/business/commercial-property/nama-appoints-wells-fargo-subsidiary-to-handle-dundrum-sale-1.2220191

Marks and Spencer’s announce profit rise for the first time in four years

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Retailer Marks and Spencer’s have posted their first annual profit rise in four years. They stated it would be return excess cash dividends to shareholders. Marks and Spencer’s is Britain’s largest clothing retailer and has expansive homewares and successful food departments. Pre-tax profits show £661.2 million in the year to March 28th.

Chairman Robert Swannell said that “We are a more capable business following a sustained period of investment in our infrastructure and in our people’. Shares in M&S, one of Britain’s best known high street shopping chains, have risen by a third over the last nine months, hitting an eight-year high on Tuesday.

These reignited profits are a result of major store and product redesign as well as the supply chain and website. Billions of pounds were spent on a resurgence by Chief Executive Marc Boland. Mr Bolland, in the job since 2010, has focused on boosting profit margins. He delivered a rise in the 2014-15 gross margin for general merchandise – spanning clothing, footwear and homewares – of 190 basis points. M&S said it expected further progress in the 2015-16 year.

Source: http://www.irishtimes.com/business/retail-and-services/marks-spencer-profit-rises-for-first-time-in-four-years-1.2219271

Ballymun to get new shopping centre

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15 years after a shopping complex was planned for Ballymun, the North Dublin suburb is finally set to receive a retail boost as the much delayed plans look set to materialise. Today City counsellors are due to vote on a €1.8 milion offer from development company Alanis Capital. Ballymun Main Street would be the site for the proposed development.

The site lies adjacent to Ballymun Town Centre, a dilapidated 50 years old centre that is scheduled to be demolished. In May 2014 the council which owned 47 per cent of the old shopping centre reached agreement with Nama and its receivers to acquire the remaining 53 per cent.

The development of the Alanis centre will go ahead independently of the old complex initially, but is likely to become part of a larger retail development once the old centre is demolished.

Local councillors Paul McAuliffe (FF), Noel Rock (FG) and Noeleen Reilly (SF) have all signalled they will vote in favour of the proposal, but all are likely to seek amendments to include a residential element and guarantee local employment from the project.

Source: http://www.irishtimes.com/news/social-affairs/new-shopping-centre-for-ballymun-after-15-year-wait-1.2217529

Penneys pulls out of Naas and plan to sell site

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International Retailer Penney’s have dropped plans to develop a planned new store in Naas, Co. Kildare. They will also sell their recently vacated site in Co, Kildare town. The nearest Penney’s store will now be located a 20 minute drive away in neighbouring town Newbridge.

Six years ago development of a partially built shopping centre was abandoned and the loans were acquired by NAMA. Business in the town has since deteriorated since a decision allowed Tesco to build one of the largest Irish supermarkets on the outskirts of Naas.

Discounter Aldi have opened a second Naas store, close to Tesco off the Monread Road. Aldi’s other store is also on the outskirts of the town on the Newbridge Road. Estate agents Bannon are seeking €3 million for the 1.31-acre town centre site with planning for a large retail building, and €800,000 for the recently closed Penneys store a short distance away.

Penney’s had originally paid €27 million for the prime complex in Naas town, which at the time included a Superquinn and 60 space car park.

Source: http://www.irishtimes.com/business/commercial-property/penneys-drops-entirely-out-of-naas-1.2209652

Grafton Street Retail and Office Portfolio to sell for €118 million

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Royal London Asset Management is planning to offload eight prime retail properties and five offices in Dublin City Centre with an overall value believed to be in the region of €118 million. The portfolio includes the weekend 24 hour McDonalds on Grafton Street.

The sovereign portfolio currently produces an overall rent roll of €7,412,200. It would give the purchaser a 6% net return according to the selling agent CBRE. Royal London has been weighing up the option to sell the lucrative portfolio for some time. They had previously offered the same portfolio in 2009 and 2010 but withdrew it both times as a result of the property crash.

Investors will have the option to bid for the entire portfolio or separately. The sale offers serious scope across Dublin with properties on Grafton Street, Henry Street, Dawson Street, O’Connell Street and Westmoreland Street as well as Patrick Street, the main shopping avenue in Cork.

CBRE is inviting offers in excess of €83.3 million for the retail portfolio which is producing a rent roll of €4,514,686 and will show a net initial return of 5.18 per cent.

The selling price for the offices will be at least €34.7 million and with these investments rented at €2,897,514 the net return in this case will be 7.99 per cent.

The most valuable asset in the portfolio is the McDonalds which resides on 7-11 Grafton Street which bring in an overall rent of €1,820,000. The other main retail contributor is Office Shoes who pay €990,000, as well as The Body Shop at €165,000 and Swan Training at €65,000.

Some of the other properties include:

85-86 Grafton Street – Clarks Shoes and Pamela Scott

Hodges Figgis – 57-58 Dawson Street

Tower Records and Optica – Dawson Street

Motivational Weight Management Dr. Simon Collins – Dawson Street

Vodafone – 51-52 Henry Street.

02 – 5 GPO Buildings Henry Street

Clarkes Shoes – 43/44 – O’Connell Street.

11 Patrick Street

Source: http://www.irishtimes.com/business/commercial-property/prime-office-and-retail-portfolio-for-118m-1.2200873

Ireland’s first drive-thru Pharmacy opens

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Mulligan’s Pharmacy Group have opened Ireland’s first drive – thru pharmacy. The 3,000 sq, ft, store in Ardkeen, Co. Waterford is the first of its kind and will be open to customers 7 days a week. Customers can avail of a service where they can pick up their prescription at a suitable time frame when called or texted in advance. They will be able to collect their items at the drive thru kiosk giving them a significantly reduced waiting time.

12 jobs have been created at the store across distribution, retail and qualified pharmacy roles. It brings Mulligans total workforce in Ireland to 160 across Waterford, Kilkenny and South Tipp. With the pharmacy owned patency running since 1957.

Director of Mulligan pharmacies is Ronan Mulligan. He said ‘’This is a family run business operating since 1957 and we have over the years strived to innovate and be ahead of the trends offering our loyal customers more than just a typical pharmacy proposition’’. He furthered ‘’We fully expect this concept to be revolutionary for what might be viewed as a very traditional industry in Ireland’’.

Source: http://utv.ie/News/2015/04/29/Irelands-first-drive-thru-pharmacy-opens-in-Waterford-36363