independent

Saturday 25 October 2014

€20m discount off Charleville shopping centre

16 UNITS EMPTY AT FLAGSHIP CENTRE

BILL BROWNE

Published 06/12/2012 | 12:24

Charleville Town Centre, which was completed in 2008 at a cost of c€21 million, is now for sale for €950,000.

THE Charleville Town centre development, opened in 2008 at a cost of almost €21m, has gone on the open market with a price tag equal to less than onetwentieth of its original cost.

The development is currently up for sale with property agent Savills with a minimum asking price of €950,000.

The centre was developed on a cleared, zoned site acquired by Barry Boland of BWP Ltd, funded by IBRC (Anglo Irish Bank) and is currently under receivership with Kavanagh Fennell.

The 45,000st ft development is built on land purchased back in 2006 for €4 million at the very height of the Celtic Tiger boom.

Anchor tenant Dunne Stores owns a 62,000 sq ft unit in the centre as does Elvery Sports. Unicare are tenants in another unit at the centre on a 25-year lease; however it is believed that their original rent of €180,000 per annum has been virtually halved.

The 16 remaining units, a 4,902 sq ft pub/restaurant with a courtyard, a 3,100 sq ft crèche with courtyard, a 2,852 sq ft medical centre and nine office units, all of which are unoccupied, have been included in the sale of the centre.

Dunnes Stores and Elvery Sports are not included in the sale as both stores are owner occupied.

It also incorporates a four-floor, car park with 450 parking spaces.

Located in the heart of Charleville, the centre has entrances from both the Main Street and on the town bypass at Bakers Lane.

Peter O'Meara of Savills said the property offered exceptional value for a potential investor.

"This is an excellent chance for someone to take a long term view. It offers a very real opportunity for a skilled and experienced new owner to market it, tenant it and build a business base and rent roll," said Mr O'Meara.

"With direct access to the from the Main Street and the Bakers Lane bypass, the scheme is a great attribute to the town, providing investors with an attractive opportunity."

Savills was recently involved in the sale of 180-acres of land at St Joseph's Road in Mallow that was bought back for €2.3 million by the farmers who sold it to developer John Barry in 2004 for almost €40 million.

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