SAVILLS report “a strong level of interest” in the Newtown Centre, Annacotty since it was put on the market last week with a guide price of €2.75m.
The sale of the commercial development – which generates an annual rent in the region of €268,000 – is being handled by Savills Cork on the instruction of the receiver Grant Thornton.
Current tenants are not affected by the sale. These include Fresh Dry Cleaner, Seventh Heaven Beauty Salon, Bambury Bookmakers, Mace, Miss Piggy’s, Newriver Pharmacy, Xstatic Hair Salon, Tuscany Bistro, Curves, Intuition Publishing and Bord Gais.
Siobhan Young, of Savills, said this Tuesday: We have had a strong level of interest over the past week since the property was launched last Wednesday.
“The centre will be advertised over the next two weeks and we would hope to progress to receiving offers further to that.
“The Newtown Centre provides investors with the opportunity to acquire a finished property with strong tenant occupancy levels and a considerable rent receivable per annum.”
The modern two-storey commercial development occupies a site of circa 0.88 ha / 2.17 acres. There are nine fully occupied ground floor retail units and 10 first floor office units, seven of which are currently occupied. An extensive surface car park sits at the front of the property providing an abundance of customer parking.
The centre is located in a prime suburban location between Newtown and Annacotty – approximately 1km east of Castletroy.
The surrounding area is an established residential suburb with a large catchment that is serviced by the centre. Neighbouring residential estates include Thornfield, Cherryfield, Rosskeen and Castlemara. Castletroy College is located immediately opposite the Newtown Centre.
“The centre provides investors with the opportunity to acquire a finished property with strong tenant occupancy levels and a considerable rent receivable per annum.
“The current vacant office units provide scope to increase future rental income and we expect to receive high levels of enquiries for this investment,” said Ms Young.
The price that the well located development with high occupancy levels makes will be an interesting acid test of confidence in Limerick and improving economy.
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