Suburban Limerick retail park sold to investor trust

Nick Rabbitts

Reporter:

Nick Rabbitts

Suburban Limerick retail park sold to investor trust
THE Dublin Road retail park once owned by Liam Carroll has been snapped up for an estimated €14m.

THE Dublin Road retail park once owned by Liam Carroll has been snapped up for an estimated €14m.

Parkway Retail Park, on the Dublin Road, which is home to clothes retailer TK Maxx and DIY chain Homebase among others, has been bought by investment fund Green REIT.

The sale has no impact on the existing retailers on the site, which also include a Currys and PC World. The exact sale figure is unclear as the properties were bought in a job lot.

The new company - which stands for Real Estate Investment Trust - was launched on the Irish stock market by Finance Minister Michael Noonan, and is spending almost €180m on commercial property nationally. It has taken over a portfolio of properties owned by Danske Bank, which includes the Parkway Retail Park, which lies next to the site proposed for Limerick’s first Marks and Spencer.

DTZ Sherry Fitzgerald had the site on the market as an investment opportunity for €14m.

The auctioneer is handling the sales of all of Danske Bank’s properties, as the lender prepares to largely pull out of the state.

The Parkway Retail Park was originally owned by the Alocin group, a vehicle of developer Liam Carroll.

He also owned the neighbouring Parkway Valley site, now due to be the Horizon Mall.

Danske Bank, at the time National Irish Bank, pulled the shutters down on Mr Carroll, and sold the Parkway Valley site to Suneil Sharma.

The 13,520 foot retail park opened in 2000, and expanded in 2002.

REIT was unavailable for comment as the Leader went to press.