Cork, Ireland
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SHOPPING CENTRE & RETAIL PARK CORK, IRELAND PRIME RETAIL INVESTMENT OPPORTUNITY BLACKPOOL SHOPPING CENTRE & RETAIL PARK CORK, IRELAND Introduction JLL and HWBC are delighted to present a unique opportunity to the market to acquire a large-scale retail scheme that is the dominant shopping and office centre in north Cork City. The combined Blackpool Shopping Centre and Retail Park offers an investor a stake in Ireland’s second largest city of Cork. Blackpool is a long established and dominant suburban retail offer effectively fully occupied (98% weighted by value). The package contains two complementary assets providing an investor with the opportunity to purchase 27,846 sq m (299,739 sq ft) of retail space with the benefit of an additional 10,081 sq m (108,513 sq ft) of self-contained offices in a well-designed and integrated mixed use commercial development. Blackpool is the only shopping centre north of the city offering a high concentration of international and nationally recognised retailers including; Dunnes Stores, New Look, Heatons, Next, Aldi, Woodie’s DIY, amongst others. There are also a number of community services provided in the scheme including; council library, post office and state health board. Investment Highlights • Excellent location and dominant retail offer position in its catchment • Destination retail hub with a purpose-built shopping centre and separate open use retail park with overhead modern offices • Long established since year 2000 for the shopping centre and 2004 for the retail park • Occupancy rate of 98% • 1,650 free surface and multi-deck car parking spaces • Strong income security and 6.10 year WAULT over the entire • Attractive income yield with rental growth and asset management value add potential 03 The combined offering €7.4m net operating Cork is Ireland’s dominates the income with a WAULT North Cork Catchment of 6.10 years 2nd Largest City and the Capital Scale of combined offer will Office tenants include of the South protect its inherent value Blizzard Entertainment, into the future Diageo and Teamwork.com Retail tenants Approximately include major Top 10 Tenants 299,739 sq ft international of retail space and occupiers Rank Tenant Rent 108,513 sq ft such as Aldi, 1 Blizzard Entertainment Irl Ltd €758,040 of self-contained Next, Argos, 2 New Look €426,948 office space, Boots and plus storage 3 Woodie’s DIY €395,000 McDonalds 4 Heatons €360,000 5 Aldi Stores (Ireland) Limited €328,000 More than More than 6 Argos Distributors Ireland Ltd €303,868 112,000 people 6.5m visitors 7 Health Services Executive €270,000 within the per annum 8 Sam McCauley €245,000 scheme’s bespoke all benefiting 9 Teamwork.com €241,766 catchment from over spending over 10 Next Group Plc €227,025 1,650 free €900 m TOTAL €3,555,647 car spaces per annum BLACKPOOL SHOPPING CENTRE & RETAIL PARK CORK, IRELAND Situation Accessibility Cork is Ireland’s second largest city. Cork City and environs has a population of 125,622 split north and south of the Blackpool Shopping Centre and Retail Park are prominently situated at River Lee, the city’s natural dividing feature. The centre has a wider catchment of over 400,000 people. the junction of the N20 and North Ring Road which is just 1.4 km from the city centre. This, together with the local road infrastructure, provides Cork City is at the heart of industry in the South of Ireland with pharmaceuticals and I.T. its main employment bases. high accessibility for shoppers and business people. The immediate Multi-nationals such as Pfizer Inc. and Swiss company Novartis are large employers in the region. Cork is also the area is predominantly higher density residential in nature with some European headquarters of Apple Inc. where over 4,000 staff are involved in manufacturing, research and development light industry along the N20 main road. The village neighbourhood is and customer support. dominated by the shopping centre and retail park which is also a strong local employer together with providing a convenience, fashion, and Blackpool is centrally located within the north suburbs of Cork City. The N20 main Cork to Limerick road is part of the business destination for the suburb and wider environs. local road infrastructure. Blackpool is one of Cork City’s most populous residential areas and has a mature demographic in an established village and neighbourhood dominated by the Blackpool Shopping Centre and Retail Park. N7 Urlingford R Shannon N18 D E A D Thurles O N F L R 2 L S U 0 O I Limerick N P R H E P C E E O G N L R M E I Killimer L F M L Foynes N69 I A R Holycross O B K I O R N U N20 A R H S D D E I N24 W L R LO L O Tarbert AD Rathkeale Adare Cashel D OA N74 R N76 D EL Tipperary FI 5 AIR AD 63 Newcastle West N8 F RO R ’S AM N21 E PH D U O A P D O N A R Kilmallock E Clonmel O G E V R Cahir U IN Abbeyfeale A E R N S H Charleville E E R NORT V U U A O N8 G C D O R L E P E E AD N20 I K T ENU O F A AV R IR C LEN Y A O T G L F W O Mitchelstown D N RA E OAD O D K R H L E Y IE N Buttevant F L H L C F R O R I N8 U A A H T B C I T N73 R P Kanturk H S N72 M I L U Cappoquin L M S I S E TS Mallow Lismore GH U A I R Fermoy E D EN H A V E T O A N72 N72 R I R O L T Dungarvan E E S M E E ’ L L E R I AD I ST N20 R R K T L L O H A R E H F E UG Millstreet W D O K K Y IE E D 0 L N O V C A R R 2 O O T Watergrasshill N25 U B S D N ROA M ST MARY’S RE O N I K D ANM H GL B HEALTH CAMPUS OA N MIDDLE R R C O N22 N8 A L I A D Youghal R R H D E N Ardmore CATH Blarney H A H CORK O H T OR L S N L ET ILL N25 Y RE RH OAD Midleton H ST E IRE R I CK M M Macroom L HARDWI UM LAN L S R G N22 L E Cobh N POPES Q W UAY LO BLARNEY STREET AY CORK TRAIN QU STATION Inchigeelagh Ballycotton OR’S Carrigaline HEL T C S Crosshaven A ME AD B RC O N HA R I NT LS S QUA L A Y RIVER LEE Bandon E CORK AY W M U Y Q A . Y ND NED U N EN S CITY CENTRE ET K TRE Dunmanway T S N71 LET P Kinsale NK L LU A P L E ER AL S V D D IV M I A A L P C R O O TH T PA R U A KE N SO O Clonakilty DY R R R TE N IA S E R Courtmacsherry 46 E L O R8 W GEO L A Rosscarbery RGE D ’S Q UAY Blackpool Shopping Centre & Retail Park are prominently situated at the junction of the N20 and North Ring Road 06 07 BLACKPOOL SHOPPING CENTRE & RETAIL PARK CORK, IRELAND Location / Competition 30% Blackpool Shopping Centre and Retail Park is one of the city’s four “district centres” within the extensive Cork suburbs. Three are located The Blackpool Catchment demographic broadly reflects 25% 26.4% to the south of the city; Mahon, Wilton and Douglas. Blackpool is the only district centre located north of the city. Blackpool is therefore the ROI Average but with an attractive over representation long established as the dominant retail location for the entire population of north Cork City. In turn, the Blackpool area also accounts for of Urban Singles and Sharers reflecting the City location 23.3% 40% of the city’s total population. Blackpool Retail Park has the added advantage of being the only largely open use retail park in this and proximity of employers such as the Apple European 20% region. HQ at Hollyhill just 10 minutes drive away. Blackpool is designated a District Centre under the Cork City Development Plan, 2015- 2021. The objective of the Development Plan is CACI rank Blackpool alongside The Pavilions in Swords 15% to support the vitality and viability of the existing Suburban District Centres. This is to ensure these centres provide an appropriate range and The Square Tallaght for Comparison Goods market 13.6% of retail and non-retail functions to serve the needs of the community and their respective catchment areas. potential. % of Households 10% 10.5% 10.5% Blackpool has been identified as an area that has the capacity to be served by sustainable public transport. Some 3.7 hectares 10.1% immediately to the north of Blackpool Shopping Centre and Retail Park were rezoned from Mixed Use to District Centre within the North Blackpool LAP which was adopted in 2011. This reinforces Blackpool as a retail destination and demonstrates the City Council’s 5% commitment to support, protect and ongoing development of the District Centre.