A MASSIVE 70 per cent annual discount on rent is being offered to encourage potential retailers to occupy three vacant premises on Sarsfield Street in the heart of the city’s shopping district.
Located at Sarsfield Hall, the properties formally occupied by fashion chains The Bay Trading Company, Faith and Top Shop are currently being offered for let with a cut in price of some 70 per cent.
Previously, the retail units were being offered with an 18 month rent-free bonus by O’Connor Murphy Gubbins, which two weeks ago had a liquidator appointed to it.
As revealed by our sister newspaper, the Limerick Chronicle, the two founders of the property company, JC Gubbins and Michael O’Connor were dividing their property stock between then, with Mr Gubbins taking on commercial properties.
Therefore, the development in Sarsfield Street falls under his remit.
The total annual rent of the properties, before the discount is applied, came to €400,000 three years ago.
But with the collapse in the property market, and the massive economic downturn, potential business owners can now avail of one of these units for less than €280,000.
The three units have been empty since early 2008.
Limerick Chamber chief executive Maria Kelly is not surprised by the cut.
“It doesn’t surprise me. Landlords are offering huge incentives and deals to get vacant properties. Certainly what is on offer now is discounted from what businesses were paying at the height of the boom,” she said. “If you were thinking of setting up a business, apart from the whole side of cost, there is not a better time.”