Limerick shopping centre sells for €1.3m

Limerick shopping centre sells for €1.36m

A SHOPPING centre in Dooradoyle in Limerick has sold for €1.36m.

A private investor has bought the split level Rosedale Shopping Centre at the Dooradoyle Road for over €200,000 above its initial asking price of €1.1m.

The deal, it is understood, will show a net initial return of 8.85%.

Colliers International and Power & Associates handled the sale of the split-level centre with four units extending to 850sq m (9,154sq ft).

A Centra convenience store is the largest contributor to the €125,800 rent roll, paying an annual rent of €45,000. The other tenants are the Dooradoyle Pharmacy, Dooradoyle Medical Centre and Super Bites take away.

Cllr James Collins, who owns the pub business a short distance away, welcomed the sale.

“There is a positive outlook for the retail sector in the city. The sale price reflects a growing strength in the rental market in Raheen and Dooradoyle.

"A lot of people are employed there, and we are all part of the same neighbourhood centre. So it’s good to see activity in the area,” he told the Limerick Leader.