Commercial Property Advisors QRE have sold Castletroy Shopping Centre in Limerick on behalf of Nama for €3.425m, over 50% above the quoted guide price of €2.2m.
The sale included 45,000 sq. ft. of retail space over 2 floors together with 720 ancillary surface car parking spaces, a drive thru McDonalds Restaurant and a development site of approximately 1 acre.
The entire shopping centre, extends to 91,547 Sq. ft. and also includes supermarket chain Supervalu and Odeon Cinema’s, who both own their accommodation and did not form part of the sale.
The shopping mall provides for 24 units. According to local agents, the shopping centre had not been marketed in recent years and this led to an increased vacancy rate of 60% within the shopping centre. Current occupiers include McDonalds, An Post, Lloyds Pharmacy, Mc Sweeney Florists, Dargan Health Foods and Hooke and Ladder.
QRE confirmed that there was very strong interest in the Shopping Centre during the marketing campaign which culminated in 12 bids, including 2 UK property investment companies. It is understood that the new owners are Urban Green Private, who are a local property development company based in Limerick.
The Shopping Centre was producing approximately income of €365,000 per annum, but service charge voids reduced the net income to €200,000 per annum. However, there was huge scope to enhance value by leasing the remaining units on competitive terms and immediately reduce service charge voids. QRE confirmed that they had received numerous calls from tenants during the marketing campaign seeking to lease accommodation within the centre.
The sale was handled by Conor Whelan and Brian Kelly on behalf of Nama.
arry of QRE – firstname.lastname@example.org or (083) 3918 649
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