Ennis Road Retail Park in Limerick sells for close to €15m guide price
Private investor who bought Limerick scheme can expect total rent to rise to €1.63m
Retailers in Ennis Road Retail Park include Woodie’s, Petmania, Smyths Toys and Showtime Cinema
Two months after Irish Life bought Childers Road Retail Park in Limerick for almost €46 million, a private investor has agreed to pay close to the asking price of €15 million for the Ennis Road Retail Park on the opposite side of the city.
Lisney handled the most recent sale for receiver and manager Kieran Wallace of KPMG. The new owner can bank on a return of about 9.5 per cent from the park which is producing a rental income of €1.476 million. This figure is expected to rise to about €1.63 million when tenants are found for two vacant buildings.
Meanwhile, the investment has been sold with a weighted average unexpired lease term of 12.7 years.
Woodie’s is the anchor tenant. It is its only store in the mid-west region and pays a rent of €876,330 for 4,532sq m (48,788sq ft) of space.
There are 18 years outstanding on the Woodie’s lease which is subject to upwards-only rent reviews.
Other retailers include Petmania which is paying an abated rent of €65,000 for 715sq m (7,703sq ft) of space and Smyths Toys which is paying €310,063 for its 1,694sq m (18,234sq ft) store.
The other large tenant at Ennis Road is Showtime Cinema which occupies three of the nine retail units and pays €225,000 for 2,194sq m (23,634sq ft) of space.
The retail park has overall floor area of 10,501sq m (114,015 sq ft) of retail space while the two vacant units each have 727sq m (7,828 sq ft).
It sits on a site of 11.45 acres and has parking for 300 vehicles.
The park is conveniently located adjacent to Jetland Shopping Centre and opposite Limerick Gaelic Grounds.