Tuesday 27 September 2016

Allsop properties with €3.7m total guide price

Published 17/05/2015 | 02:30

Allsop is seeking €2.3m for the Newtown Centre in Limerick
Allsop is seeking €2.3m for the Newtown Centre in Limerick
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Allsop have been tasked with selling three properties by private treaty with an aggregate asking price o €3.7m.

The three properties are the Newtown Centre in Limerick, 35/35a Johnstown Road in Dublin, and 7 Meath Street in Dublin.

The Newtown Centre, Annacotty, Limerick is being brought to the market for sale by private treaty with a guide price of €2.3m. The sale of the commercial development - which generates an annual rent in the region of €250,000 - is being handled by Ian Lyons of Allsop on the instruction of the receiver Grant Thornton.

The current tenants include Bord Gais, Mace, Curves, Tuscany Bistro and Bambury Bookmakers - are not affected by the sale. The modern two storey commercial development occupies a site of 2.17 acres and extends to approximately 23,051 sq ft.

There are nine fully occupied ground floor retail units and 10 first floor office/retail units, seven of which are currently occupied. The ground floor comprises eight retail units and one restaurant unit. The first floor comprises seven office units and a large restaurant unit.

An extensive surface car park sits at the front of the property providing an abundance of customer parking.

The centre is located in a prime suburban location between Newtown and Annacotty - approximately 1km east of Castletroy and 5km from Limerick City. Castletroy College is located immediately opposite the Newtown Centre.

Ian Lyons, of Allsop, said: "The Newtown Centre provides an opportunity to acquire an established centre with strong tenant occupancy levels and a considerable rental income per annum. The current vacant office units provide scope to increase the rental income."

No 7 Meath Street is a ground floor retail unit, forming part of the Hanbury Hall residential scheme. The unit is currently leased by Paddy Power which signed a new 10 year lease in 2008 and are currently paying a rent of €40,000 per annum.

The unit is ideally positioned at the top of Meath Street, close to the junction of Thomas Street which avails of heavy footfall traffic on this bustling street. Allsop are guiding a price of €450,000 and expects significant interest.

The property at 35/35A Johnstown Road is a mixed use retail & office investment forming part of the Johnstown retail parade on Johnstown Road, Cabinteely. Total rent roll is €94,000 per annum. Brian Kelly is guiding a price of €950,000 and expects strong interest.

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