Developer Pat Crean’s Marlet in € 78m deal for business park portfolio

Three of Ireland’s best-known business parks are to be sold for around 78 million euros following a hotly contested sale process involving both Irish and international investors.

Pat Crean’s Marlet Property Group reportedly rejected offers from a range of parties, including: Lone Star’s subsidiary, Hudson Advisors; the French asset management company Corum; UK private equity fund Kildare Partners; and RQTwo by Simon Kelly for the Parks collection. A joint venture involving Lexeme Properties of developer Eamonn Duignan and UK group Kinetik also reportedly competed for the portfolio.

The Parks Collection, which is sold by Agent Cushman & Wakefield on behalf of Marathon Asset Management, headquartered in New York, includes Belgard Retail Park in Tallaght, Dublin 24, M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary. Mr Crean and Cushman & Wakefield both declined to comment on the deal when contacted by The Irish Times.

Belgard and M1

The Belgard Retail Park is widely regarded as one of the capital’s premier retail parks. The project is fully occupied and anchored by B&Q, the largest retailer of home improvement and gardening products in the UK and Ireland. Other occupants include Homestore & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks. The project also has a building permit for an additional 2,404 m² (25,877 square feet) retail warehouse. The current total rent is around 3.13 million euros per year.

The M1 Retail Park comprises a mix of shops, offices and leisure accommodation spanning a total of 24,805 m² (267,000 square feet), as well as 600 parking spaces. The scheme is anchored by Woodie’s DIY. Its other tenants include Smyths Toys, Sports Direct / Brand Max, Dealz, Equipet and EZ Living. The current total rent is 2.44 million euros per year.

The M1 program also includes Mellview House, a four-story building that includes offices, a gym operated by Gym Plus, and a number of other smaller retail units. Another building known as the Pavilion is home to Costa Coffee and TC Matthews with a recent new rental at Lanu Medi Spa.

Poppyfield Commercial Park

An additional site adjacent to M1 Retail Park is also part of the sale. The land covers 11 hectares (27 acres) and includes three adjacent plots with zoning proposed as part of the County Louth 2021-2027 Draft Development Plan for three uses namely A2 New Residential, C1 Mixed Use and B4 District Center.

Poppyfield Retail Park covers 12,821 m² (138,000 square feet) and includes a mix of 14 retail warehousing units, a neighborhood center and 393 parking spaces. The park is 99% occupied and anchored by Woodie’s DIY and SuperValu. Other tenants include Harry Corry, Maxi Zoo, EZ Living, World of Wonder, and DID Electrical. The neighborhood hub is occupied by Costa Coffee, Sam McCauley, as well as a hair and beauty salon and a fish and chip operator. KFC also has a drive-thru at the park entrance, which is not part of the sale. The total current rental income amounts to 1.43 million euros per year.

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