Limerick city retail park on market for €15m could produce €1.63m rent

Woodies DIY is the anchor tenant at the Ennis Road property

Ennis Road Retail Park in Limerick: producing a rent roll of €1.476 million

Ennis Road Retail Park in Limerick: producing a rent roll of €1.476 million

 

Ennis Road Retail Park in Limerick is on the market for €15 million which would reflect a net initial yield of 9.4 per cent.

Selling agent Lisney says the retail park is producing a rent roll of €1.476 million but, with two units vacant, this could rise to €1.63 million when fully let. Meanwhile, the investment comes to market with a weighted average unexpired lease term of 12.7 years.

Woodies DIY is the anchor tenant and its only store in the midwest region pays rent of €876,330 for 4,532sq m (48,788sq ft) of space.

There is 18 years outstanding on Woodies’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 pays €310,063 rent for its 1,694sq m (18,234sq ft) store.

The other large retailer 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.

This retail park has a total of 10,591sq m (114,015sq ft) of retail space while the two vacant units each have 727sq m (7,828sq ft). It sits on a site of 11.45 acres and has car parking for 300 vehicles.

Ennis Road Retail Park has a prominent profile adjacent to Jetland shopping centre and opposite Limerick Gaelic Grounds.

It is easily accessed from the Limerick-Galway N18 arterial route, the city’s ringroad and port tunnel.

This sale is on behalf of receiver and manager Kieran Wallace of KPMG.