Wednesday 26 July 2017

Receiver aims to recoup €6m from retail network

Donal Buckley Commercial Property Editor

Eight properties linked to a south-east retail store chain, are valued at more than €6m, by a receiver who is planning to either sell or lease them.

Estate agent Neil Bannon is receiver to the properties linked to Byrne's World of Wonder chain which sold toys, books and cards.

Darren Peavoy of Bannon says that four properties located on high streeta in Wexford Town, Dungarvan, Gorey and Carlow could be available at an average rent of €100,000, or a an average price of €1m. each.

"With over 60,000 sq ft of retail space coming available in the portfolio we are in discussions with potential occupiers who are looking at gaining strong representation in the south-east in one acquisition," he said. The properties range in size from 743sqm to 1,580sqm.

A fifth property is a 1,300sqm unit in the Clonard Retail Park near Wexford town which could also fetch almost €1m.

Two of the units are town centre retail outlets in Enniscorthy which are currently let to tenants. The eighth property is a warehouse building in Enniscorthy.

Mr Peavoy says the high-profile locations in strong trading towns has already generated interest in all of the properties.

Byrne's World of Wonder had been in business for 35 years and at the height of the boom operated 21 stores throughout Leinster and Co Waterford, employing 350 people. In 2006, it achieved a turnover of €50m. However the recession and falling consumer spending forced it to close its two Dublin stores, at Coolock and Liffey Valley, in 2009 and seven more stores in February 2010. It continued to close stores up to the appointment of Neil Hughes of accountants Hughes Blake as receiver to the business last August.

Mr Hughes continues to trade in four stores, three in Enniscorthy and one in Wexford. He also closed a Kilkenny store which, together with one of the Enniscorthy stores, is not included in the Bannon receivership. Mr Hughes is believed to be endeavouring to do a deal to transfer ownership of some of the stores.

Mr Bannon was appointed by Bank of Scotland Ireland.

Irish Independent

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