£3m sought for retail investment in Limerick

Limerick estate agent Pat Chesser is seeking £3 million for a retail investment with frontage on to both William Street and Cruises…

Limerick estate agent Pat Chesser is seeking £3 million for a retail investment with frontage on to both William Street and Cruises Street in Limerick. The property carries capital allowances of around £1 million. The former Boyds hardware store was redeveloped about five years ago and is rented to Champion Sports and its sister company, Sports 2000, at a combined rent of £200,000 per annum. The rent roll is thought to be the highest for a retail premises in Limerick. Champion has 5,500 square feet on two levels fronting on to Cruises Street while Sports 2000 recently moved into 15,000 square feet (10,000 square feet of which is retail) on the William Street side. Both stores are held under 25-year leases with five-year rent reviews. A further £5,000 in rent comes from an office suite of 2,500 square feet on the fourth floor, which is occupied by a firm of architects.