A 158,000 sq ft retail park anchored by Woodies with six other tenants, and two undeveloped other sites, comes to market this week in a Tipperary town due 300 new tech job, guiding €2.6 million, which is well below build/replacement costs.
Agent Isobel O’Regan of Savills Cork is offering the ten-year-old purpose-built Nenagh retail warehouse scheme.
Apart from the immediate income, there’s scope to increase the investment return with two neighbouring sites totalling 3.1 acres to consider — one originally earmarked for a nursing home, the other for a car showrooms — and from a light industrial unit to the rear.
Built in an ‘L’ shape in 2006, it has seven purpose-built retail warehouse units at ground floor level, next to an owner-occupied Aldi store, totalling 158,000 sq ft with 400 surface-level parking spaces.
Set near the M7 Dublin-Limerick route, Nenagh is due a boost of 300 new IT jobs with the arrival of First Data, a US-based payment technology company, 300 metres away.
Anchor Woodies DIY is guaranteed by parent company Grafton Group on a lease running to 2031, with a break option in five years time, and accounts for 43% of the current total rental income of c €240,000 pa.
This is set to top €290,000 once the latest tenant takes up occupation, says Ms O’Regan.
Details: Savills 021-4906344
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