The 10-year-old Nenagh Retail Park in Co Tipperary has been bought as an investment by a family for marginally over the asking price of €2.6 million. It was sold by Kevin McMahon of Savills on the instructions of receiver Duff & Phelps.
The park has seven purpose-built warehouses extending to 14,678sq m (158,000sq ft), a 400-space car park and two adjoining sites of 1.25 hectares (3.1 acres), with future development potential.
Woodies DIY is the anchor tenant, providing 43 per cent of the rental income of €240,000. That figure is set to rise to €290,000 following agreement on letting one of the vacant buildings.
The arrival of a new trader will increase the income yield from 9 per cent to 10 per cent. Woodies has a break option in five years, though its lease does not run out until 2031. Other traders are Export Electrical, World of Wonder, Jump N Gyms and Slattery Tiles.
An Aldi store next to Woodies is a highly important crowd-puller in the park.
