A controlling interest in the company that owns much of the 12.5-acre property, including its large surface car-park and a mix of shops on a site of 12.5 acres, is being sold through property adviser Savills Ireland.
The sale includes control of the management company and the 810-car surface car-park, together with 66 of the 90 units within the scheme.
Nutgrove Shopping Centre dates back to the early 1980s – it is home to Europe’s oldest drive-through McDonald’s – and the centre is anchored by owner-occupied stores including Dunnes Stores, Tesco and Penneys. There is also a new Omniplex LUX cinema within an owner-occupied unit.
The property generates a net operating income of about €2.9m a year, subject to certain leases completing. Vacancy across the centre is low at approximately 3pc.
Key tenants within the subject holding include Maxi Zoo, OPW Intreo offices, Circle K filling station, Bookstation, Carraig Donn, Regatta, Specsavers and Flying Tiger.
The scale of the site, including the huge car park, is expected to drive buyer interest in future development options, including potential residential or additional food and beverage units.
The current owners, property management firm Lanthorn, sought planning permission to build 91 apartmemts as part of a development on part of the site, but that was rejected in 2024.
The plans were seen as piecemeal rather than involving a masterplan for the entire site.
Demand for housing has only increased since then.
Savills Ireland’s Fergus O’Farrell said the sale represents a rare opportunity to acquire control of a substantial, income-producing retail asset in a prime south Dublin location.
“The combination of strong anchors, low vacancy, diversified income and clear asset management potential will appeal to a broad range of domestic and international investors,” he said.
“The recent addition of the Omniplex cinema has further strengthened the centre’s trading profile, and we expect strong interest in the opportunity.”
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