Business News

The Glas Collection commercial properties go on market at €169m guide price

By Business & Finance
03 February 2016
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Green REIT has appointed JLL to sell The Glas Collection of six properties on its behalf by private treaty.

Four of the six properties are in Dublin and include the mixed use Arena Centre in Tallaght, Ormond Building in Dublin city centre, Classon House in Dublin 14 and Parnell Car Park in Dublin 1. The other two assets are Globe Retail Park in Naas and Parkway Retail Park in Limerick.

The Glas Collection comprises over 69,677sq. m of commercial space across more than 58 commercial properties with a total passing rent of €11.5m per annum.

The total guide price is in excess of €168.7 million, which equates to an initial yield of approximately 6.6%.

Pat Gunne, CEO, Green Property REIT Ventures, said: “We are bringing these assets to the market as part of our strategy to achieve our intended total gearing level of 25%. We recently acquired full control of Central Park and announced that we would be making a number of asset disposals in 2016 to achieve that objective.”

The Arena Centre, Tallaght, Dublin 24 is a multi-storey mixed-use development consisting of five retail units, four retail warehouse units, three office blocks, residential complex, leisure facility and a 119-bedroom hotel, all built between 2006 and 2008.

The Ormond Building, Ormond Quay, Dublin 1 occupies a prominent city centre location overlooking the River Liffey and adjacent the Four Courts. The property is a modern five-storey over basement building, predominantly in office use throughout with retail units at ground floor level.

Classon House, Dundrum Business Park, Dublin 14, completed in 2008, is a detached four-storey office block. It provides a range of 27 own door state-of-the-art business suites on flexible floor plates.

Parnell Car Park, Dublin 1 is a multi-storey car park with approximately 503 spaces and is guiding in excess of €11.2m, a net initial yield of 6%.

The car park is part of a development that comprises a multi-screen cinema and a number of food outlets, constructed in the late 1990s with the benefit of being in close proximity to a number of Dublin’s major shopping centres.

Globe Retail Park, Naas, Co. Kildare is a retail park is currently producing a total rent of approximately €1.7m per annum, with 76% of this income secured by Woodies, Heatons and Smyths Toys.

Parkway Retail Park, Limerick is a modern retail warehousing development consists of eight units and a separate detached partially complete restaurant unit.