TWO major property investment deals, with a combined value of over £60m, have just been completed in Cork at Eastgate Retail Park, which has been sold to Australian retailer and park tenant Harvey Norman for around 24 million euros, as well as a student complex of 342 beds in the western suburbs by MTU, up to 40 M€.
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 in-store retailer invest in outlets here with co- anchors/other tenants.
The park comprises approximately 175,000 square feet of fully occupied retail space, which sits on 35 acres of the 120-acre Eastgate Global Development, delivered by the O’Flynn Group over the past 20-25 years.
He has a portfolio worth 3.4 billion Australian dollars (2.34 billion euros). It made $9.7 billion or €6.85 billion in sales in 2021, according to its business update, up from 2020.
- Meanwhile, across Cork City, an even bigger investment deal worth an unconfirmed €37-40m has been struck, for a 340-bed student accommodation development fully completed and occupied, Melbourne Point, adjacent to the main campus of Munster Technological University (MTU), first let September 2021.
Rates at Cork’s three Yugo centers are around €1,000 per month per bed, with apartments ranging from three to eight en-suite bedrooms each.