UNITS 1-7 GARRYGLASS BUSINESS PARK, OLD BALLYSIMON ROAD, LIMERICK
For Sale / Sale Agreed
1 - 7 Garryglass Business Park,
Co. Limerick, V94 CX4C
46,788 SQ.FT
Offers in excess of
€2,700,000
Investment Property
Property Overview
- Features
- Location
INVESTMENT SUMMARY
- Rare opportunity to acquire a high profile 1.05 ha (2.59 acre). freehold site. The property provides for a mixture of retail warehousing (showrooms) and warehouse accommodation
- Extending to approx. 4,347sq.m (46,787 sq.ft) GEA.
- Large car parking area to the front providing approx. 90 no. car parking spaces with ancillary parking, loading areas and yard space located to the side and rear.
- The property is currently configured as five distinct commercial units (one vacant).
- Tenants include The Paneling Centre, Luminaire, Slide Deco, and Blue Box (Antiques).
- Rental income €179,800 p.a from four tenants, with anticipated rental increases at rent reviews and lease renewals.
- Weighted average unexpired lease term (WAULT) of 4.74.
- The entire is zoned Retail Warehousing under the 2022-2028 Limerick Development Plan, offering long term redevelopment potential (subject to planning permission).
- For sale by private treaty.
INVESTMENT SUMMARY Rare opportunity to acquire a high profile 1.05 ha (2.59 acre). freehold site. The property provides for a mixture of retail warehousing (showrooms) and warehouse accommodation Extending to approx. 4,347sq.m (46,787 sq.ft) GEA. Large car parking area to the front providing approx.
INVESTMENT SUMMARY
- Rare opportunity to acquire a high profile 1.05 ha (2.59 acre). freehold site. The property provides for a mixture of retail warehousing (showrooms) and warehouse accommodation
- Extending to approx. 4,347sq.m (46,787 sq.ft) GEA.
- Large car parking area to the front providing approx. 90 no. car parking spaces with ancillary parking, loading areas and yard space located to the side and rear.
- The property is currently configured as five distinct commercial units (one vacant).
- Tenants include The Paneling Centre, Luminaire, Slide Deco, and Blue Box (Antiques).
- Rental income €179,800 p.a from four tenants, with anticipated rental increases at rent reviews and lease renewals.
- Weighted average unexpired lease term (WAULT) of 4.74.
- The entire is zoned Retail Warehousing under the 2022-2028 Limerick Development Plan, offering long term redevelopment potential (subject to planning permission).
- For sale by private treaty.
- SITE AREA OF APPROX. 1.05 HA (2.59 ACRES) ZONED RETAIL WAREHOUSING
- APPROX 120 METRES OF FRONTAGE ONTO THE OLD BALLYSIMON ROAD
- WAULT OF 4.74 YEARS INC NEAREST BREAKS
- SCOPE TO IMMEDIATELY INCREASE INCOME AT UPCOMING RENT REVIEWS AND LEASE RENEWALS, AND BY LEASING UNIT 3
- ASSET MANAGEMENT OPPORTUNITIES TO ENHANCE VALUE
LOCATION
- Limerick is the capital of the Mid-West region and is located approximately 200 km southwest of Dublin city and 100 km northeast of Cork city.
- The property is situated within Garryglass Business Park and fronts onto the Old Ballysimon Road
- Located approx. 3.5 km southeast of the city centre and 1.5km from the M7/N24 interchange.
- The Garryglass area is a well-established commercial location benefitting from an excellent range of amenities and road networks. The M7 motorway, and the N20 and N24 national primary routes are all easily accessible and provide good access to all Limerick regions and the rest of the country.
- The new Bon Secures Private Hospital (currently under construction), City East Plaza (office development), City East Retail Park – anchored by B&Q and Harvey Norman, Eastpoint Retail Park, Delta Retail Park are all located less than 500 metres from the property.
- Other occupiers in the immediate area include Conlan’s BMW & Audi car dealerships and PJ Mathews.
LOCATION Limerick is the capital of the Mid-West region and is located approximately 200 km southwest of Dublin city and 100 km northeast of Cork city. The property is situated within Garryglass Business Park and fronts onto the Old Ballysimon Road Located approx. 3.5 km southeast of the city centre
LOCATION
- Limerick is the capital of the Mid-West region and is located approximately 200 km southwest of Dublin city and 100 km northeast of Cork city.
- The property is situated within Garryglass Business Park and fronts onto the Old Ballysimon Road
- Located approx. 3.5 km southeast of the city centre and 1.5km from the M7/N24 interchange.
- The Garryglass area is a well-established commercial location benefitting from an excellent range of amenities and road networks. The M7 motorway, and the N20 and N24 national primary routes are all easily accessible and provide good access to all Limerick regions and the rest of the country.
- The new Bon Secures Private Hospital (currently under construction), City East Plaza (office development), City East Retail Park – anchored by B&Q and Harvey Norman, Eastpoint Retail Park, Delta Retail Park are all located less than 500 metres from the property.
- Other occupiers in the immediate area include Conlan’s BMW & Audi car dealerships and PJ Mathews.
Accommodation
TENANCY & ACCOMMODATION SCHEDULE
| Unit | Tenant | Current Rent | Lease Start | Lease Expiry | Tenant Break | Retail Warehouse GEA M2 | Warehouse GEA M2 | MEZZ GEA M2 | Total GEA M2 | Total GEA FT2 |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Private Individual t/a Blue Box Antiques | €24,000 | 18/01/2013 | Overholding | N/A | N/A | 627.6 | 534.7 | 1,162.3 | 12,511 |
| 2 | Pro Slide Limited | €10,800 | 01/03/2018 | 29/02/2028 | N/A | 318.3 | N/A | N/A | 318.3 | 3,426 |
| 3 | Vacant | - | N/A | N/A | N/A | N/A | 238.4 | N/A | 238.4 | 2,566 |
| 4 | Robford Limited | €15,000 | 11/06/2019 | 10/06/2029 | 11/06/2024 | 398.7 | N/A | 385.9 | 784.6 | 8,445 |
| 5-7 | Panelling Centre Limited | €130,000 | 08/04/2009 | 07/04/2029 | N/A | 636.3 | 1,206.8 | Tenant Installation | 1,843.1 | 19,839 |
| Total | €179,800 | 1,353.3 | 2,072 | 920.6 | 4,346.7 | 46,788 | ||||
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