Mixed-use development in Wexford town for €6.75m

A substantial property portfolio which includes a six-storey building with 73 new apartments, a range of retail units, a multi-storey car park on the upper floors with 314 spaces and a restored former grain store are to be offered for sale in what is the most important property disposal in Wexford town for many years.

DTZ Sherry FitzGerald and Sherry FitzGerald Haythornthwaite are guiding in excess of €6.75 million for the wide range of properties owned by Phillip and Paula Stafford's Streamline Properties which are being sold on the instructions of Grant Thornton who were appointed receivers by Bank of Ireland.

The properties are well located on Paul Quay at the southern end of Wexford's quayside, close to the Talbot Hotel and the main retail centre.

One of the strong selling points is the recently opened TK Maxx store on the ground floor of the apartment block. The fashion multiple is paying 5 per cent of its turnover in rent – thought to be working out at around €250,000 per annum – for 2,614sq m (28,148sq ft).

There are two further vacant retail units, one at the front extending to 167sq m (1,800sq ft) and ideal as a coffee shop, another at the rear of TK Maxx with a floor area of 1,735sq m (18,676sq ft).

Grain store

Karl Stewart

of DTZ Sherry FitzGerald said the fact that all 73 apartments on the upper floors were completed and intact meant that the new owner would have the option of either selling some or all of them including a number of units with superb views over the town and the docklands.

The apartments have 14 different layouts which include two one-bedroom units, 59 two-beds, five three-beds and seven three-bed duplexes.

The apartments have a full range of kitchen appliances. The bathrooms are also fully fitted. Close-by there is the 314-space car park with 85 spaces for use by the residents.

An interesting element of the sale is the former grain store building which extends to 2,600sq m (28,000sq ft) over six levels and which has undergone considerable refurbishment in recent years.

It would suit a number of enterprises including tourist facilities, a fitness centre, a food outlet. The portfolio for sale also includes a vacant three-storey commercial building at 89 South Main Street which was originally acquired to provide a direct link to the car park on Paul Quay.

The sale also includes a building at Pierce Court which is let as a driver theory test centre on a long lease at €24,000 per annum.