€900,000 for ghost retail park in Tipperary

A RETAIL warehousing park beside Tipperary town developed about five years ago at an estimated cost of €10 million but never occupied goes on the market today with a guide price of €900,000.

Lisney’s Cork office is handling the sale for Michael Cotter of Ernst Young who was appointed receiver by Bank of Scotland (Ireland).

The park was developed by Michael Woodlock who was previously associated with the Flancare warehousing and distribution business.

The park includes eight adjoining retail warehouses with an overall floor area of 8,083sq m (87,000sq ft).

The buildings are all in “shell” condition and will require further expenditure before they can be let.

Individual units have glazed frontages and rear loading bays and range in size from 645 to 1,085sq m (6,945 to 11,680sq ft).

There is extensive surface and basement car-parking on the site which extends to 1.5 hectares (3.72 acres).

Edward Hanafin of Lisney said the sale price for the retail park would equate to around €10 per sq ft – the same level retailers were paying yearly to rent similar premises in Limerick.

The Tipperary retail park is located on the north-western side of Tipperary town on the N24 Limerick road. The park adjoins Tipperary town shopping centre which is anchored by Dunnes Stores.

Lisney is also selling three parcels of land adjoining the retail park.

A prominently located site of 0.42 of an acre overlooking the roundabout on the N24 is for sale at €50,000.

Lot three, with 9.16 acres, and lot four, with 5.18 acres, are zoned for commercial use and are located on both sides of the proposed link road connecting the N24 with the Emly Road.

Lisney is seeking offers around €30,000 per acre for lot three and €13,000 per acre for lot four.