Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...

Page created by Nicholas Hardy
 
CONTINUE READING
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Ennis Road Retail Park | Limerick

FOR SALE               (Tenants Not Affected)

Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties Limited (In Receivership)

021-427 5079 | www.lisney.com
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Ennis Road Retail Park | Limerick
                                                                              location
                                                                              Ennis Road Retail Park is a purpose built retail warehouse park situated approximately
                                                                              3km north of Limerick city centre. Immediately adjacent to the Jetland Shopping
                                                                              Centre anchored by Dunnes Stores with a McDonalds and Lidl closeby. The Limerick
                                                                              Gaelic grounds are directly across the road from the retail park. It is in a prime
                                                                              commercial and residential location easily accessed via the Ennis Road and from the
                                                                              main Galway N18 arterial route at the Coonagh West junction just north of the
                                                                              Limerick Tunnel. Limerick Institute of Technology dominates the area north and the
                                                                              Ennis Road has hotels, motor showrooms, fast food outlets and leisure facilities.
                                                                              Limerick is Ireland’s third largest city and is regarded as the cultural, economic and
                                                                              educational heart of the south/mid west region.Today, Limerick city has a population in
                                                                              excess of 100,000 and is an educational and business hub with a vibrant multicultural
                                                                              population.The city is undergoing a period of renewal and development with over one
•	High profile retail warehouse park adjacent to the Jetland Shopping        billion euro worth of capital investment planned for the city. Limerick is approx. 25
   Centre located in an established commercial and residential suburb         minutes’ drive (27km) from Shannon International Airport. Over 1.6 million people
•	Total floor area approx. 114,015 sqft in an L shaped terrace with          passed through the airport in 2014 and 1.7 million passengers in 2015.
   extensive car parking facilities for 300 vehicles                          According to Limerick Chamber of Commerce over 2,000 jobs are to be created
                                                                              in Limerick across new and existing companies in industries such as ICT, Financial
•	High profile site of approximately 11.45 acres with substantial frontage
   to Ennis Road                                                              Services and Engineering/Consumer Products. Major employers at present are
                                                                              Regeneron, Uber, Analog Devices, Vistakon, Northern Trust, Stryker Orthopaedics,
•	Current actual rental income €1,476,393 per annum                          Aughinish Alumina and Cook Medical.
•	Asset Management opportunity with 2 vacant units                           Limerick is synonymous with sporting excellence and Thomond Park (capacity
                                                                              26,000), home to Munster Rugby, celebrates many highlights throughout the sporting
•	Potential rental income of approximately €1,630,000 per annum
                                                                              calendar and remains a long standing attraction for the wider region. The recently
•	Offering includes Woodies only store in the Mid West Region (18 years      renovated Gaelic Grounds (capacity 50,000) which is situated immediately opposite
   unexpired to Woodies)                                                      the property is an important venue for the GAA and has played host to international
                                                                              rules fixtures between Ireland and Australia. The University of Limerick (UL) provides
•	Tenants include Woodies DIY, Petmania, Smyth’s Toys and Showtime
                                                                              a purpose built sports arena with expanding national sport responsibilities. UL is
   Cinema
                                                                              home to approximately 17,000 students with another 6,500 students in LIT and
•	Weighted average unexpired lease term (WAULT) of over 12.7 years           approximately 3,500 students in the Mary Immaculate College.

www.lisney.com
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Description
Comprising a substantial purpose built retail warehouse development in an L-shape fronting on to a surface
carpark with a capacity for approximately 300 vehicles. The scheme is 85% occupied and let with 2 vacant
units. It extends to a total area of approx. 10,591 sqm (114,015 sqft). Units 2 to 6 are terraced with 7,
8 and 9 interconnected and detached. Unit 1 was designed as a showroom though it is not constructed,
it comprises a vacant site which was sold as a separate entity. A KFC restaurant and drive-through is
proposed to be developed on the site. The development is of modern build with a steel frame construction
with concrete block and metal clad walls, extensive glazing with an extending canopy along the front
elevation, pitched insulated metal deck roofs incorporating roof lights and concrete floors. Units 4 and 5
are fitted to a concrete shell and core and the dividing wall between both units has not been constructed
offering tenant flexibility. There is separate loading access area to the rear of each individual unit accessed
through a shared service yard with a gate on the southern end of the park.

Investment Sale • Ennis Road Retail Park, Limerick
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Site Plan            For illustrative purpose only

    www.lisney.com
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Accommodation/Tenancy Information

  Unit                                            Trading                                                      Lease         Expiry      Tenant      Next Rent
                 Tenant                                       Sqm *       Sqft       Rent per annum
  No.                                             As                                                       Commencement      Date         Break       Review

                 Woodies DIY
  Unit 2                                          Woodies     4,532.54    48,788         €876,330            21/12/2007    20/12/2032     None       21/12/2017
                 Limted

  Unit 3         Petmania Limited                 Petmania    715.66      7,703         €65,000 **           06/12/2007    05/12/2032   05/12/2020   06/12/2017

  Unit 4         Vacant                                        727.2      7,828

  Unit 5         Vacant                                        727.2      7,828

                                                                                     Year 1 – 5 €225,346
  Unit 6         Smyths Toys                      Smyths      1,693.94    18,234    Year 6 – 10 €310,063     01/02/2008    31/01/2033   31/01/2021   01/02/2023
                                                                                   Year 11 – 15 €364,780

                                                                                     Year 1 – 5 €225,000
  Units                                                                                                                                 07/11/2021
                 Showtime Cinema                  Showtime                          Year 6 – 10 €258,750
  7, 8                                                        2,194.72    23,634                             07/11/2011    06/11/2031       &
                 (Limerick) Limited               Cinema                           Year 11 – 15 €297,562
  &9                                                                                                                                    07/11/2026
                                                                                   Year 16 – 20 €342,197

                                                                                       €1,476,393          Weighted Average Unexpired Lease Term
  Total                                                      10,591.26   114,015
                                                                                       (Current)                         12.7 years

* Floor Areas as per Measured Survey
** Abated until September 2017

     Investment Sale • Ennis Road Retail Park, Limerick
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
Investment Sale • Ennis Road Retail Park, Limerick

Guide Price                                                                                          Tenure
€15,000,000 : NIY 9.43%                                                                              We understand the property is held Freehold.
                                                                                                     For the avoidance of doubt please note that the property will be sold subject to and with the benefit of
                                                                                                     the above leases and the tenants will be unaffected by the sale.
TERMS
For sale by Private Treaty in a single lot.
                                                                                                     CONTACTS                                                                                                                                             Solicitors
                                                                                                     Cork                Margaret Kelleher                     mkelleher@lisney.com                             021-427 5079                              Michael Neary,
BER Rating                                                                                                               Paul Hannon                           phannon@lisney.com                               021-427 5079                              EvershedsOne Earlsfort Centre,
The units have BER ratings of between B2 and G.                                                                                                                                                                                                           Earlsfort Terrace, Dublin 2.
Full reports are available to interested parties.                                                    Dublin              Duncan Lyster                         dlyster@lisney.com                               01-638 2700                               T: 01-664 4200

                                                            Belfast

                                                      M4
                                                           Dublin
             Galway           M6

                                                     M7

        Ennis Road    M18
                                                                    M11

        Retail Park

                                          M8

                        N20

                                                Waterford

                                   Cork

                                   Lisney, 1 South Mall, Cork. T: 021-427 5079 E: cork@lisney.com W: www.lisney.com
                                   Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that: 1. These particulars do not constitute any part of an offer or contract. 2. All statements contained in these particulars as to this property are made without responsibility on the part of the
                                   Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. 3. The particulars, various plans, photographs, dimensions, references to condition and permissions
                                   for use and occupation are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental
                                   error or misdescription shall be ground for a claim for compensation nor for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant. 4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make
                                   or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction.
                                   PSRA Licence: 001848.
Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ... Ennis Road Retail Park | Limerick - FOR SALE (Tenants Not Affected) Kieran Wallace KPMG, acting as Receiver & Manager to Callerview Properties ...
You can also read