Limerick's Parkway Retail Park sold for €24.3m

Sale generates 74% profit for owner

Nick Rabbitts

Reporter:

Nick Rabbitts

Limerick's Parkway Retail Park sold for €24.3m

A MAJOR shopping centre on the outskits of Limerick city has been sold for €24.3m.

Green Reit has sold the Parkway Retail Park, with the contract price to be paid in two tranches with €1.3m of the price is subject to securing planning consent for a vacant unit on the site for which a tenant had been secured.

The contract price reflects a 4.4 per cent uplift on the December 2016 valuation of the property, and also represents a profit to the company of some 74%.

The Parkway Retail park, which was bought by Green Reit for around €14m in 2013, is home to stores including Currys/PC World, Homebase, TK Maxx and Hickey’s Homefocus.