Thursday 22 February 2018

TK Maxx on the move as Waterford gets a lift

Recent deals and lettings have livened up Waterford's commercial property market.

International retailer TK Maxx is to relocate its Waterford outlet to a 1,719sqm store at Railway Square, a mixed development which provides a retail corridor linking the Poleberry retail area to the city centre.

A number of stand-alone units ranging in size from 92 to 700sqm, are still available in the development, which would be suitable for various uses, including restaurant or take-way, for which planning permission has been secured.

Sherry FitzGerald John Rohan (SFJR) is quoting rents of up to €200 per sqm for these units.

Last week Murphys Pub, in Cloghernagh, Dunmore East, which comes with a restaurant on a large corner site, went for auction. SFJR had quoted an AMV of €150,000. Bidding opened at €100,000 and rose to €130,000, where it was withdrawn and is under negotiation.

A well-known international telecoms company is taking over the lease on a former First Active branch at 30/31 Barronstrand St, the city's main retail area. Located on the Black Friars corner, the property is owned by a private individual and the passing rent for the ground floor is €80,000.

SFJR is seeking a tenant for the upper floors of the premises and is asking a rent of €14,500 pa.

Meanwhile, Tramore fish and chip shop family Dooleys have expanded by taking over the former Poppy's restaurant at Park Road in the city as their second outlet.

SFJR declined to disclose the rent for the 139sqm property but Mr Rohan said that the asking rent was €25,000 per annum "and we achieved close to that".

At Tramore Road Retail Park, long-standing business The Framing Studio/ has moved to a larger, 418sqm, high-profile unit on the front row of the retail park for which the rent is €35,000 per annum. In Parnell St, the Subway sandwich shop has changed hands.

SFJR is also seeking a rent of €25,000 a year for The Toddle Bar, on Lower Yellow Road, a 232sqm well-established licensed premises that incorporates an off-licence, beer garden and smoking area.

In August SFJR sold the premises, which includes three apartments, to a private investor.

Mr Rohan says: "We have experienced a significant increase in enquiries, viewings and transactions for both commercial sales and lettings during the last number of months. Some well-known businesses are expanding in the city which is good news for us all."

Irish Independent

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