Limerick retail park sold for €46m 

Limerick retail park sold for €46m 

Irish Life has bought the Childers Road Retail Park

EUROMILLIONS winner Dolores McNamara has lost out buying the €46m Childers Road retail park, after being outbid by Irish Life, writes Anne Sheridan.

The €115m Euromillions winner was in the running to acquire the financially lucrative centre, but it has been acquired by Irish Life, the country’s largest commercial property owner with assets of over €2.5bn. The sale was handled by HWBC and DTZ Sherry Fitzgerald.

The Limerick Leader revealed last week that her son Gary has been confirmed as the new owner of the Newtown Centre in Annacotty, which was sold for over €2m.

The centre, which was under the control of Nama, was put up for sale by Allsop in Dublin, who confirmed that the centre has been sold.

It is the first confirmed commercial purchase by the family of Dolores, who own a number of luxury, multi-million euro houses in the Mid-West.

The Childers Road retail park has an annual rent roll of over €3.2m from 14 tenants.

Anchored by Dunnes Stores, it comprises 12 retail warehouse units together with two restaurant units.

However, the Limerick Leader understands that Dolores’ family could have their eye on other investment opportunities.

Gary McNamara, 37, with an address at Ruan Manor, Castleconnell, is listed as a director of a number of companies, including Blue Haven Investments, Lough Derg Marina Ltd, and A&G Thomond Builders Ltd, alongside his wife Michelle, 32.

All of the companies were set up and registered in Limerick post-2006, and some are more recent.

Another company, Eastside Properties Ltd, was registered last November, after the purchase of Newtown Centre, and the couple are again listed as directors.

Dolores, who owns Tinerana on the shores of Lough Derg, just outside Killaloe, accrues in the region of €12m interest annually on her winnings from a €2 quickpick in the lottery.