NRPNenagh Retail Park | Limerick Road | Nenagh | Co. Tipperary
High-Yielding Retail Park Investment Opportunity INVESTMENT SUMMARY
For Sale by Private Treaty On the instruction of Pearse Farrell, Receiver, Duff & Phelps.
modern retail park extending to approx. anchored by sq m woodies diy and aldi* 12,026.3 with other occupiers including Expert Electrical, (129,451 sq ft) World of Wonder, Slattery Tiles and Jump N Gyms *held long leasehold
Current rent of approx. Comprising retail € warehouse 242,000 6units per annum and a bowling centre at ground floor level • Set to increase to over €298,000 per annum In addition to first floor retail accommodation and a small light industrial unit to the rear of the park • Opportunities to further increase rental income through letting of remaining vacant space
well located on the Two neighbouring sites of outskirts of nenagh town 0.97 Ha. (2.4 Ac.) close to the busy dublin to limerick &
0.28 Ha. (0.7 Ac.) route included in sale, offering future M7 development potential
For the avoidance of doubt please note that this is a property investment sale and the tenants are not affected. The park occupies a high-profile situation approximately 1.5 km from the centre of Nenagh town
Light Industrial Unit 22 NRP
2.4 acre site
0.7 acre site
Outline for illustrative purposes only.
Please note the subject sale comprises the freehold of the estate as outlined in purple. The specific areas which ance of doubt, all other buildings and sites within the estate, in addition to the Aldi food store situated in Unit 8 of remain within the freehold are outlined in orange in addition to all common roads, footpaths etc. For the avoid- the retail park are held under separate long leaseholds and do not form part of the sale. LOCATION
Tipperary County Council
Eire Og Nenagh GAA
Light Industrial Park Banaghan’s Stationary
NRP
Mackey Steel Fabrication Sue Ryder Nursing Home Nenagh Train Station Nenagh General Hospital
Nenagh Town Centre
Dunnes Stores
Carey Glass
First Data R445 Limerick Road
For Identification Purposes Only. Nenagh Retail Park is located on the Limerick Road which is one important transport links, in particular the M7, the predominant of the main arterial routes connecting Nenagh to the south west. Dublin to Limerick route. Nenagh also acts as a focal point for The park occupies a high-profile situation approximately 1.5 km routes connecting with other centres, including the National from the centre of Nenagh town and within a 30 minute drive of Secondary Route N52, the corridor to the Midlands from the South. Limerick City. The town is also serviced by the Limerick to Ballybrophy rail line which connects to the Dublin to Cork line at Ballybrophy Railway Nenagh is the largest county town in North Tipperary with an Station in Co. Laois. urban population of 7,995 (2011 Census) and has evolved into an important focal point due to its strategic location and proximity to
R495 N52
R494
NENAGH NRP R445 N52
R495 To Dublin To Limerick R497 R498
J26 M7 J25
For Illustrative Purposes Only.
Nenagh town is the administrative centre for North Tipperary payment technology solutions company First Data will soon be County Council and acts as a service centre for its own population establishing a research and development centre in the office and the surrounding rural hinterland. The immediate area is set premises located on the same complex within 300 meters from the to benefit greatly with the recent announcement that the global retail park which will create 300 new jobs for Nenagh.
For Identification Purposes Only. TIPPERARY COUNTY COUNCIL Source: www.abkdublin.com
ABBEY COURT HOTEL ST. MARY’S OF THE ROSARY CHURCH Source: www.abbeycourt.ie Source: www.nenagh.ie THE PROPERTY
Nenagh Retail Park was developed in 2006 and is laid out in an ‘L’ shaped configuration extending to approximately Also included are two neighbouring sites totalling approximately 3.1 acres which offer future development potential 11,819.3 sq. m. (127,223 sq. ft.). The scheme comprises six modern, purpose built retail warehouse units, a bowling and a light industrial unit to the rear of the retail park which extends to approximately 207 sq m (2,228 sq ft). centre in Unit 7 and an Aldi grocery store (held long leasehold) at ground floor level. On first floor level, above Aldi and The larger of the two development sites, which extends to approximately 2.4 acres, was formerly earmarked as a Unit 7 there is a children’s activity centre in addition to an unfitted unit of approximately 1,512 sq m (16,272 sq ft) nursing home facility while the smaller site of 0.7 acres was designated for a car showroom as part of the original suitable for leisure use subject to planning permission. The retail park benefits from an abundance of surface parking master-plan for the scheme. Under the Nenagh Town & Environs Development Plan 2013-2019, the 2.4 acre site is with over 400 car spaces. currently zoned for ‘existing residential’ use and the 0.7 acre site is currently zoned for ‘commercial’ use.
For Identification Purposes Only. SLATTERY TILES AND BATHROOMS WOODIES
For Identification Purposes Only. WORLD OF WONDER SITE LAYOUT PLAN tenancy overview RW5 RW4 RW3 RW6 The retail park is currently let to five RW2 tenants including Woodies DIY, Expert RW1 Electrical, World of Wonder, Slattery Tiles and Jump N Gyms. The light R7 industrial Unit 22 is currently let to Wash Glade.
ALDI
wash glade (€12,000) world of wonder woodies diy (€24,000) (€105,000)
5 10 LIMERICK ROAD slattery tiles (€30,000) 12 % 43
15 jump n gyms (€35,048) 15
expert electrical For Identification Purposes Only. (€36,750) TENANCY SCHEDULE
Unit Tenant (Guarantor) Demise Floor Area Floor Area Lease Start Next RR Lease End Break Contracted Rent Receivable Rent Sq M Sq Ft RW1 Vacant Ground 720.1 7,751 ------RW2 Ennis Electrical and Gas Supplies Limited Ground 717.7 7,725 20-Jan-2006 20-Jan-2021 19-Jan-2031 - €90,031 €36,750 t/a Expert Electrical (Paul Flynn) Mezz (T) 547.1 5,889 (UORR) RW3 Daithi O’Connor t/a World of Wonder Ground 719.7 7,747 20-Jan-2006 20-Jan-2021 19-Jan-2031 - €90,031 €24,000 Mezz (T) 658.5 7,088 (UORR) RW4 Slattery Tiles Limited (Conor Slattery) Ground 720.9 7,760 11-Feb-2013 - 10-Feb-2018 - €30,000 €30,000 RW5 Terms Agreed * Ground 722.3 7,775 ------Mezz 605.5 6,518 RW6 Woodies DIY Limited Ground 3,085.0 33,207 25-Jul-2006 25-Jul-2021 24-Jul-2031 24-Jul-2021 €105,000 €105,000 (Grafton Group PLC) Mezz (T) 181.5 1,954 (OMRR) R7 Vacant (Bowling Centre) Ground 656.9 7,071 ------R9 James O’Sullivan and Irene Casey t/a Ground 56.2 605 9-Apr-2007 9-Apr-2017 8-Apr-2032 - €42,500 €35,048 Jump N Gyms (Emijel Limited) First 861.9 9,277 (UORR) Mezz 54.3 584 R9 Vacant Ground 52.3 563 - - - - - woodies diy First 1,459.4 15,709 (€105,000) LIU 22 Wash Glade Ground 207.0 2,228 - - - - €12,000 €12,000 Total 12,026.3 129,451 €369,562 €242,798
* Further details of the proposed letting of Unit 5 are available in the dataroom. The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the dataroom. FURTHER INFORMATION
viewings contact All viewings are strictly by appointment through the sole selling agent. Selling Agent pricing Savills Dublin Savills Cork On application. 33 Molesworth Street, 11 South Mall, Dublin 2. Cork.
Isobel O’Regan Kevin McMahon ber rating +353 (0)21 490 6344 +353 (0)1 618 1328 [email protected] [email protected] PSRA No. 002233-002909 PSRA No. 002233-003024
vat Solicitor We understand VAT is not applicable on this sale. Arthur Cox Brian O’Rourke Earlsfort Centre +353 (0)1 618 0337 Earlsfort Terrace, [email protected] title Dublin 2. Freehold. Gillian Beechinor +353 (0)1 779 4235 dataroom [email protected] www.savills.com/nenaghretailpark
Savills Ireland and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland nor any of its employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor any of its employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/Lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. This brochure is issued by Savills Ireland on the understanding that any negotiations relating to the property are conducted through it. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland. design | conradjones.com