Prime Waterford property deals
The sales include a two-storey, 500-space car park under the City Square Shopping Centre — which is also for sale, at a €20m-plus valuation, as previously reported here, and which is likely to go to a best-bids conclusion in coming weeks with JLS and DNG Commercial.
Now, into the investor spotlight trained on Waterford City centre comes the John Sisk-built car park at City Square, with income in excess of €1m pa and with a substantial profit margin: it’s priced at €7m by local agent, Des Purcell. Its timing is good, given the interest in the City Square Centre, where another investor is also offering two units held in separate ownership to the main IBI-owned shopping mall, via Savills.
The car park “is extremely profitable, enjoys low overheads and excellent repayment capacity, and is one of the largest car parks in the south-east, providing 500 spaces,” says Mr Purcell. Also associated with the same, private family owners is the Broad Street Shopping Centre (pic above), formed and reconfigured out of the old L&N store by its current owners, who acquired it from the Musgrave Group. It has dual street frontage, and faces the former Evans women’s fashion store, recently acquired by Wetherspoons, who will seek planning to convert it to a 4,000 sq ft city-centre bar with food offering.
Currently, the 30,000 sq ft Barronstrand Street/Broad Street Centre has a rental income of c €750,000 pa. Major tenants are Sam McCauleys pharmacy, FootLocker, H Samuel jewellers, and Petit Cheri, while office tenants include Musgraves, Canada Life and AIB.
“The core of Waterford shopping is centred on Barronstrand Street and Broad Street,” says Mr Purcell and he lists immediate occupiers as including Dunnes, Dealz, Penneys, Costa Coffee, Peacocks, Argos, Lifestyle Sports, Tommy Hilfiger and Boots.
Price for the Broad Street Centre is €6.5m, and it has a rental income of c €750,000.
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