Limerick retail park up for sale for €15m

Anne Sheridan

Reporter:

Anne Sheridan

Limerick retail park up for sale for €15m

The retail park on the Ennis Road is for sale through Lisney

A RETAIL park on the Ennis Road has come up for sale for some €15 million, following the instructions of a receiver.

The selling agent Lisney, which has just announced the sale, says the retail park is producing a rent of nearly €1.5m but this could rise to over €1.63m if all the units are occupied. 

In the retail park, Woodies DIY is the anchor tenant and it is the only store in the Mid-West region pays rent of €876,330 for 4,532sq m (48,788sq ft) of space. There is 18 years outstanding on Woodies’ lease which is subject to upwards-only rent reviews.

Other retailers include Petmania, Smyths Toys, and Showtime Cinema, which occupies three of the nine retail units, and pays €225,000 for its space.

This retail park has a total of 10,591sq m (114,015sq ft) of retail space while the two vacant units each have 727sq m (7,828sq ft). It sits on a site of 11.45 acres and has car parking for 300 vehicles. Just two units are currently vacant.

This sale is on behalf of receiver and manager Kieran Wallace of KPMG.

Elsewhere in the city, Williamscourt Mall on William Street, is for sale for €2.5m. The mid-terraced two-storey investment property has an overall size of 1,711m2 (18,417 sq.ft., fronting onto William Street and Little Catherine Street. 

There are two tenants within the property - Guineys occupy 94.5% of the property held under three separate leases, two which expire in 2019 and the other in 2016. Irwin Jewellers occupy two units to the front of the mall held under a lease which expires in 2017. 

Meanwhile, in other commercial property news, all eyes will be on Allsop's first ‘private’ auction in Dublin on Wednesday week to see if a new owner is found for Ted’s/the Brazen Head in Limerick.

The property is up for sale for a reserve ranging from €380,000 to €420,000, while the former ACC bank at 17/19 Patrick Street, which has a reserve of €695,000 to €755,000. Their ‘private’ auction is earmarked for properties priced over €250,000. Units 1-4 in Crossagalla industrial estate on the Ballysimon Road have a reserve of €385,000 to €430,000.