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