Frascati Centre, the iconic shopping center located in the heart of Blackrock, has reportedly hit the market with a price tag of €100 million. Despite being one of the most sought-after retail destinations in the region, the property is said to have been put on the market “quietly,” with no public fanfare or overt marketing. This move has sparked speculation among real estate experts and investors, as both local and international players are expected to vie for the chance to acquire the much-coveted asset. So what makes Frascati Centre such an attractive investment opportunity, and what does the future hold for this landmark shopping center?
Invesco Real Estate, a global property investment manager, is looking for a buyer for the Frascati Centre in Blackrock, south Dublin. The company had acquired the property for €68m in 2015 and spent an additional €80m on renovation and extension. The Frascati Centre, which includes retail and residential elements, generates an annual rent roll of €6.9m. Eastsdil Secured is handling the sale, which is referred to as Project Bay, with a value of approximately €100m. The selling agent suggests doubling the centre’s net operating income within five years by developing 123 rental apartments. The grocery anchors Marks & Spencer and Aldi account for over 60% of current income.
In conclusion, the Frascati Centre in Blackrock may be up for sale for €100m, but it remains a cornerstone of the local community. With its eclectic mix of shops, restaurants, and bars, as well as a state-of-the-art cinema and ample parking, it continues to be a popular destination for shoppers and visitors alike. While the future of the centre may be uncertain, one thing is for sure – it has left an indelible mark on Blackrock, and will always be a part of its rich history.
