TWO major property investment deals, worth over €60m combined, have just been secured in Cork, at Eastgate Retail Park, which has been sold to Australian retailer and park tenant Harvey Norman for c €24m, along with a 342-bed student complex in the western suburbs by MTU, for up to €40m.
The Eastgate deal is Harvey Norman’s first property investment in Ireland, where it operates at 16 locations to date, and is also notable as it sees the online and store-based retailer invest in retail locations here with co-anchors/other tenants.
The park comprises some 175,000 sq ft of fully occupied retail, which is on 35 acres of the overall 120-acre Eastgate development, delivered by the O’Flynn Group over the past 20-25 years.
It has a portfolio worth Aus$3.4bn (€2.34bn). It had $9.7bn, or €6.85bn in sales in 2021, according to its trading update, up from 2020.
- Meanwhile, on the other side of Cork city, an even larger investment deal worth an unconfirmed €37m-€40m has been secured, for a fully-completed and occupied 340-bed student accommodation development, Melbourn Point, next to the main campus of Munster Technological University (MTU), first let in September 2021.
The rates across Yugo’s three Cork centres are c €1,000 per month per bed, with apartments having three to eight en-suite bedrooms each.