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Dublin: -1°C Saturday 23 January 2021

This Tipperary retail park is on the market for €2.6 million

Nenagh Retail Park was developed in 2006.

NENAGH RETAIL PARK has gone on the market for €2.6 million.

The 10-year-old park has seven warehouses including Woodies and Aldi.

In total, the retail park scheme extends to approximately 158,000 square feet with over 400 surface car parking spaces and two neighbouring sites totalling around 3.1 acres.

The larger of the two sites was originally earmarked as a nursing home facility, while the smaller site was designated for a car showroom.

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Woodies DIY provide 43% of the total rental income of €240,000, with the Aldi store next in line. The other traders include Export Electrical, World of Wonder, Jump N Gyms and Slattery’s Tiles.

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Woodies rent is set to rise to €290,000 following agreement on the letting of one of the vacant buildings, the DIY store has a break option in five years but its lease doesn’t expire until 2031.

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Savills, which is selling the park on the instructions of receivers Duff & Phelps, said the arrival of the new trader will increase the income yield from 9% to over 10% as terms are currently agreed to lease one of the vacant retail warehousing units.

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