€4.2m for Parkside offices and shopping centre in Portlaoise

A partially let shopping centre and office block in Portlaoise has come on the market with a guide price of €4.2 million. Agent Lambert Smith Hampton and Hume Auctioneers are handling the sale of Parkside for Duff & Phelps who were appointed receivers by ACC Loan Management, formerly known as ACC Bank.

The centre opened in 2006 and has an overall vacancy rate of 47 per cent, according to the agents.

Supervalu is paying a rent of €300,000 for 1,765sq m (19,000sq ft) on the ground floor and another 557sq m (6,000sq ft) at first floor level. The lease is due to run for another 33 years. Sixteen further retail units at ground and first floor levels are vacant while letting terms have been agreed on two offices which when trading will bring the overall rent roll to €398,485.

The Irish forestry board, Coillte, is renting 575sq m (6,191sq ft) of the office space at €82,500 per annum, leaving a further 2,304sq m (24,809sq ft) vacant.

The complex also includes a 1,380sq m (14,854sq ft) drum-shaped building in shell and core condition with planning permission for a cafe/restaurant/bar type operation. A separate block of 97 apartments were sold individually earlier this year by Hume Auctioneers.

Parkside is well located just 1km from the town centre and close to the M7 motorway.

The shopping complex is expected to benefit greatly from the opening in 2016/2017 of an orbital route which will link it directly with Portlaoise Retail Park and five new primary schools.