A prominent purpose built retail warehouse scheme in North County Tipperary comes to the market today through the launch of Nenagh Retail Park. On behalf of Duff and Phelps as Receiver, Savills is seeking offers in excess of €2.6 million for the retail park which provides significant asset management opportunities to increase the investment return. Pricing at the guide level offers an income yield of approximately 9% today which is set to increase to over 10% as terms are currently agreed to lease one of the vacant retail warehousing units.
Nenagh Retail Park was developed in 2006 and comprises 7 modern, purpose built retail warehouse units. In total, the retail park scheme extends to approximately 158,000 sq. ft. with over 400 surface car parking spaces. Also included in the sale are two neighbouring sites totalling approximately 3.1 acres, which offer future development potential, and a light industrial unit to the rear of the retail park. The larger of the two development sites, which extends to approximately 2.4 acres, was originally earmarked as a nursing home facility, while the smaller site of 0.7 acres was designated for a car showroom as part of the original master-plan for the scheme.
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