Limerick shopping centre sold for €1.36m
Rosedale Shopping Centre in Limerick City has been sold for €1.36m by joint agents Colliers International and Power & Associates.
Located in the suburb of Dooradoyle, the centre, which was built in 2006, comprises of four retail units arranged over a split level. With a total floor area of 850 sq m (9,154 sq ft), the complex is fully occupied.
Rosedale Shopping Centre is anchored by a large Centra convenience store held under a 25-year lease with a 15-year unexpired term and an annual rent of €45,000. Other tenants include The Dooradoyle Pharmacy, Dooradoyle Medical Centre and Super Bites Take Away. All units at the complex enjoy the benefit of an off-street customer car park.
All four units are let on long-term leases with a WAULT of 12.17 years and a passing rent of €125,800. The centre's sale price of €1.36m equates to a net initial yield of 8.85pc.
The property is located just 3km south of Limerick city centre and 700m west of the M20 motorway. The immediate area is largely residential and the centre is at the entrance to the Cul Crannagh housing estate.