CASTLETROY SHOPPING CENTRE

Transcription

1 Investment Opportunity CASTLETROY SHOPPING CENTRE Co. Limerick For Sale by Private Treaty - Tenants Not Affected

2 Location Limerick City is officially the third largest city in Ireland (after Dublin and Cork), with a population of 102,161 people according to the 2011 census. The population of Limerick within the Larger Urban Zone is 162,413. The county is a long established and proven location for International Business. Multinational companies operating in Limerick include: Dell, J&J Vistakon, Intel, GE Capital, Cook Medical, Northern Trust, Shannon Aerospace and Lufthansa Technik. Castletroy Shopping Centre is located on a busy thoroughfare off the Dublin road at the Kilmurray roundabout, approximately 6kms from Limerick City Centre. The surrounding area is predominantly residential in character and the subject property is located adjacent to the established residential areas of Castletroy, including Kilbane, Newcastle, Annacotty, Monaleen Heights, Monaleen Park and Shanbally. Limerick is a two-hour drive by motorway from Dublin and it is 20 minutes, also by motorway, from Ireland s second International Airport at Shannon; Cork is a 1.5 hour drive and Galway is one hour north of Limerick. Castletroy is the largest suburb of Limerick and the largest suburb in Munster. It is located 6km from Limerick City Centre and 2km from University of Limerick and is one of the fastest-growing residential areas in Ireland. The area includes three primary schools, a secondary school and a number of hotels including the Kilmurray Lodge Hotel and Castletroy Park Hotel.

3 Description Castletroy Shopping Centre is the second largest shopping centre in Limerick after The Crescent Shopping Centre. The centre was developed in and provides for 91,547 Sq. ft (8,504 Sq. m) of retail space on a site of 5 hectares (13 acres) and 720 car parking spaces. The main enclosed mall is laid out predominantly over one trading level, although some units also have the benefit of mezzanine levels and there are a small number of first floor retail units. The centre is anchored by owner occupier, Supervalu, who occupy c.43,000 Sq. ft. The 29 mall units extend to 45,247 Sq. ft and are detailed on the tenancy schedule. There are currently 19 vacant mall units. McDonalds occupy an external drive thru restaurant extending to 3,079 Sq. ft. The Opportunity This is an opportunity for an investor to purchase a significant landmark retail development in an affluent Limerick suburb at substantially less than replacement cost. This allows for an investor to manage the asset, improve tenant mix and enhance rental & capital value over the medium term. Footfall 80,700 p.m. Title Freehold VAT We are advised that VAT is applicable on the sale of the property. Solicitors Mason Hayes & Curran, South Bank House, Barrow Street, Dublin 4. (Attn: Gillian Morrow) Guide Price 2,200,000 Contact Sole Agent Limerick City University of Limerick Monaleen, The Birches Castletroy Shopping Centre FOR IDENTIFICATION PURPOSES ONLY

4 Tenancy Schedule and Investment Summary Tenant Lettable Area Lease Term Contracted Passing Review Name (SF) Start Date Break Date Expiration (P.A.) PSF / Unit Date Type McSweeneys Florist 1, Oct 44, Upwards only Kevin Fitzgerald 1, Feb Aug , First Hugh Campbell Oct 29, Hook & Ladder 1, First Emma Cross & Stacey Booth 3, Dec Nov , Dargan Healthfoods Ltd 1, Apr Mar 19, Castletroy SCP Limited 3, Oct 140, Upwards only Bridge Whyte 1, First Aoife Shannon T/a Bliss Beauty Dec Sep , An Post - Paul Medve 1, Aug Jul , External Units McDonalds Restaurant of Ireland Ltd 3, Dec 30 Nov 82, Nov Upwards only 15,872 Contracted 364,673 PSRA Registration No The agents on their own behalf and on behalf of the vendor/lessor of this property, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither the agents nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.

5

6 Contact Conor Whelan MSCSI MRICS Director T: +353 (0) M: +353 (0) E: conor.whelan@qre.ie Brian Kelly Surveyor T: +353 (0) M: +353 (0) E: brian.kelly@qre.ie qre.ie