Saturday 20 January 2018

Fully-tenanted retail centre in Limerick city guiding €1.35m

Castletroy Court’s contracted rent roll is €169,140 per year. Photo: Brian Gavin/Pres
Castletroy Court’s contracted rent roll is €169,140 per year. Photo: Brian Gavin/Pres
Ronald Quinlan

Ronald Quinlan

Agents Savills are quoting a guide price of €1.35m for the Castletroy Court retail centre.

Located just 5km from Limerick city centre, this purpose-built commercial development is fully-occupied and has a contracted rent roll of €169,140 and a passing rent of some €120,000 per annum.

The property comes to the market with the benefit of its existing tenancies, all five of which have rent reviews every five years.

Comprising a single-storey complex, Castletroy Court's layout affords all five of its commercial units a strong profile onto the Dublin Road.

The scheme's two largest units extend to 170 sq m (1,829 sq ft) each, while the remaining three measure 72 sq m (775 sq ft) apiece. The units are occupied by a pharmacist, dry cleaners, gourmet hamburger restaurant, a hairdresser's and a fine-wine shop.

There is substantial onsite parking as well as separate staff and service entrances to the side and rear.

The surrounding neighbourhood is an established residential zone with a large catchment area serviced by the centre. Nearby housing developments include Elm Park Avenue, The Conifers and The Cedars, while the University of Limerick Campus and the National Technology Park are both within walking distance.

Chris O'Callaghan of Savills believes Castletroy Court will appeal to a wide range of investors on account of its location, while the centre's income and WAULT (weighted average unexpired lease term) of 11.03 years will be a "definite draw".

In other news. Savills has announced the arrival of three new tenants to the Leopardstown Shopping Centre in Dublin 18. Costa Coffee, Grafton Barbers and Sivad Restaurant have all recently opened stores while Newsrail has doubled the size of its existing unit. The overall scheme is anchored by Dunnes Stores.

Leopardstown Shopping Centre's catchment is set to expand following the granting of permission for the development of a major new housing scheme at Clay Farm comprising 425 homes and a 224-bed nursing home facility immediately opposite to it.

The nursing home is due for completion in 2019 while development has already commenced on Clay Farm with the first phase of 58 houses launching next September.

Sunday Independent

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