BELFAST-based Indian property developer Suneil Sharma’s name has been linked with a Limerick city retail site debt acquisition worth over €100 million.
The deal, agreed on but subject to a number of preconditions, relates to the Parkway Valley site assembled by developer Liam Carroll’s company Alocin, and whose portfolio has been shifted to NAMA, with reported total group debts of €1.2 billion.
The 15-acre Limerick edge-of-city retail site was initially ear-marked for a Tesco store, as well as a Penneys. This week, Munster property sources said other brands who may have an interest in locating here could include Marks and Spencer, and Heatons.
Mr Sharma has had previous successful Limerick city deals, and was an early investor in the proposed €350m Opera Shopping Centre scheme in Limerick city centre, but has since profitably sold out of that. If the debt purchase deal goes through, he’s expected to renegotiate better terms with the original bank.
Unlike the mothballed city centre Opera Centre site, the mixed-use and retail-dominated Parkway Valley has had construction work start, with building at a skeletal stage. However the site cranes were sold off and exported earlier this year by auction house, Wilsons.
The Parkway Valley deal is referred to in passing, meanwhile, but without attribution, in the bi-monthly update on the Irish commercial property market from commercial real estate adviser, CBRE, which reports the debt acquisition at €103m.
It notes that retail tenants and office companies doing better, low-rent deals are driving current Irish property market activity.
However, continuing uncertainty on how the Government will tackle the issue of retrospective reviews of upward-only clauses is continuing to paralyse the investment market.
CBRE said: “irrespective of what additional pressures are exerted on consumers, trading in the retail sector is expected to remain difficult for the foreseeable future.
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