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THE SQUARE SHOPPING centre in Tallaght has been formally placed on the market with a controlling interest in the development going for €233 million.
Earlier this year Nama appointed agents Cushman & Wakefield and JLL to oversee the sale of the 27-year-old shopping centre.
Today the agents confirmed that the centre, which is one of the last, large-scale standalone properties on Nama’s books, is on the market.
The Square, which had 22 million visitors through its doors last year, features more than 160 retail units. Some of its anchor tenants include Tesco, Debenhams and Dunnes Stores.
Since it opened in 1990, a number of units in the centre were sold to owner-occupiers and groups of investors. However, over the past six years the current vendor has consolidated its ownership.
This means the new owners will take control of 118 retail units, a 13-screen cinema and also get a controlling stake in the centre’s management company.
The current owner is generating rental income of nearly €14 million and nearly three-quarters of this is secured for the next five years.
Recent accounts filed for the firm that runs the shopping centre, The Square Management Ltd, showed that it made a loss of €1.1 million during the year that ended 30 September 2016.
Expansion
Earlier this year, planning permission was secured by the shopping centre for two separate extensions after a lengthy legal battle with Dunnes Stores.
After it originally secured planning permission from An Bord Pleanála for the €40 million expansion in 2014, the shopping centre was brought to court by the retailer.
Dunnes Stores, the largest shop at the Square, said that its customers would be inconvenienced as they would be forced to travel further as a result of the new extension.
Earlier this year, the Square got the all-clear to proceed after a judge found against Dunnes.
If plans to extend the shopping centre proceed, the northern extension will include a new 65,000 sq ft department store and an additional eight retail units, while the southern extension will provide a new 59,470 sq ft, single-level unit.
Car parking spaces at the shopping centre will also increase to 2,800 after the development of a new six-level multi-storey car park.
Shopping centre deals
A recent report from property group Savills highlighted that 21 shopping centres were traded across Ireland in 2016 at an overall price of more than €1.9 billion.
The Blanchardstown centre was sold by Green Property to US institutional investor Blackstone for €950 million during the spring. The deal was Ireland’s single most expensive property deal to date.
Liffey Valley, which is also located in west Dublin, was bought for €630 million in December by Germany’s largest public pension group, BVK.
Away from the capital, Whitewater Shopping Centre in Newbridge, Kildare, the biggest regional shopping centre in the country, was also bought by a German fund – DEKA Immobilien – for €180 million.
Written by Killian Woods and posted on Fora.ie
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They should build masses of office space and apartments in the area. There’s enough retail. Move much of the government workers out here, would take pressure off the city centre. We need to be encouraging reverse commuting of people out of the city.
@Fred Jensen: There’s a load of apartments already surrounding The Square and tons of office space that is empty. Not much point building any more offices at least out there. Anyway the redevelopment is to be on what is currently a carpark so no chance there’d be planning for apartments there.
@Susan Walsh: plus South Dublin County council offices, ambulance control and tallaght hospital are all in the same patch. Loads of government there already. If the reputation for crime (probably justified) can be shaken off, it’s actually a great area, in decent nick, with great footfall and potential for retail and business development
@Fred Jensen: a
@Fred Jensen: are ya mad? It’s littered with empty offices and apartments
Why is called the square?
Because people in tallaght cant spell pyramid .boom boom
@Terry McSweeney: At least we know that a full stop goes at the end of a sentence, and to not start a sentence with because, and how to capitalise proper nouns. But fair play, that was very very funny indeed.
@Mick Hennessy:
If you can’t start a sentence with “because”, I doubt you can start one with “but” either.
@Terry McSweeney: Get thiiiiiis g a f y s
@Terry McSweeney: What’s at the base of a pyramid, Terry ?
@Terry McSweeney: What’s at the base of a pyramid ,Terry
@Mick Hennessy: Good man Mick. Proper BOOM. ( Is my spelling ok.)
@Mick Hennessy: fine work
@Mick Hennessy: thanks pall
@Mick Hennessy: That’s right, if there’s one thing that Tallafornians know , its sentencing ;)
Only 117 shoplifting days to Christmas.
Was livin in tallaght when it was built and it was amazing, but pavilions/Liffey valley/ dubdrum has effectively killed it.
@Philip Mckenna: 22 million visitors through its doors last year , still plenty of life in it , all the women dying for a Penneys in it ,
I have seen this shopping centre going from good to bad it is over run with eating places with very few good shops. Pc world found them good price range they pulled out and another eating place went in their place. I hope whoever buys the place they will put a stop to these Restaurants moving in and encourage good retail outlets moving in.
Cushman and Wakefield. I hope there not the selling agent, contacted them 5 times to inquire about retail space in the square. Nothing back from them after been told they’d call me back.
Retail units empty all over the centre…
@Richard Griffin: the last thing the square needs is a sex shop
Didn’t somewhat similar shopping center go for close to 1 billion last year or the year before? When I see NAMA and a 9 digit sum at the lower end I get all suspicious
‘It’s all der in da square’
Anyone remember that radio ad from like 15 years ago? Me and my mam used to take the piss
@Flourish: I dare say…
no thanks, kip
Burn it to the ground it’s an eyesore. Rotten tallaght knackers
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