Musgrave Wholesale Partners (MWP) are relocating their Waterford Cash & Carry outlet to a 5,200sqm new generation MarketPlace unit at Waterford Retail Park (WRP).
As this will be the anchor unit at WRP, it is expected to help attract other retailers to the park. Rents of €6 per sq ft are being quoted for other units, while the rent for the Musgrave's unit was quoted at €225,000 a year.
Developed by Gerry Conlon's Quinby Properties, the WRP units have a combined floor area of around 10,000sqm, and the remaining five units of about 900sqm each are now available for letting.
A marketing campaign is expected to get under way shortly now that MWP has begun trading.
Musgrave's decided on the move because of its highly accessible location on Waterford's outer Ring Road, at its junction with the Kilbarry Road, and because of the attractive rental package with fixed uplifts providing them with certainty of cost over the lease term. BNP Paribas Real Estate brokered the off-market deal on behalf of Musgrave's, while Purcell Properties acted for the landlord.
It is expected that Musgrave's may let or sell the older 4,000sqm property on Keane Road, which is in a mature residential area of the city.