Lisney are offering a high profile retail warehouse park investment, with long term secure income, for sale by private treaty at Ennis Road, Limerick.
The retail park is being offered for sale on behalf of Receiver & Manager, Kieran Wallace, KPMG.
The property comprises a substantial purpose built retail warehouse development situated in a prominent position just north of Limerick city centre adjacent to the Jetland Shopping Centre anchored by Dunnes Stores with a McDonalds and Lidl nearby. The Limerick Gaelic Grounds are located directly opposite with Limerick Institute of Technology and Thomond Park also close by. Ennis Road Retail Park is easily accessed via the Limerick/Galway N18 arterial route, Limerick Ring Road and Tunnel.
The retail park comprises a total floor area of approximately 115,000 sq ft and is laid out in an L-shaped terraced with extensive car parking facilities for 300 vehicles, occupying a high profile site of approximately 11.45 acres with a substantial frontage to the Ennis Road. The retail park is anchored by Woodies DIY only store in the mid-west region with 18 years unexpired and an upward only rent review. The current actual rental income for the Retail Park is €1,476,000 per annum with a weighted average unexpired lease term of 12.7 years. This is a superb investment opportunity given the strength of the tenants which include Woodies DIY, Petmania, Smyths Toys and Showtime Cinema producing a substantial rental income and there is an asset management opportunity given two units are currently vacant. There is an opportunity to increase the rental income to €1,630,000 per annum in the short term by securing tenants for the two vacant units.
The agents have a guide price of €15,000,000 which reflects a net initial yield of 9.4% and the property is being sold by private treaty in a single lot.
This individual retail park is a substantial single investment lot following on from the sale of recent retail park loan portfolios such as The National Portfolio and the shopping centre portfolios of Hazel and Harvest. These portfolios incorporated a number of regional retail developments. There is currently strong demand for investment property of this type with purchasers focusing on the retail sector of the market given the economic buoyancy coupled with the increase in consumer spending and sentiment.
For further information contact Margaret Kelleher / Paul Hannon, Lisney, Cork 021-4275079 and Duncan Lyster, Lisney.
More information on the property can be found Here