Castletroy Shopping Centre sells for 50% over guide price

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Castletroy Shopping Centre sold for €3.4m
Castletroy Shopping Centre sold for €3.4m

CASTLETROY Shopping Centre has been sold by Nama for €3.425 million, more than 50 per cent above the guide price of €2.2 million.

With 60 per cent of the retail space vacant, estate agents QRE received 12 bids for the centre which was purchased by Limerick-based development company, Urban Green Private.

The centre has 8,604sq metres of retail space on a 5.25 hectare site with 720 parking spaces and a one-acre development site.

Anchored by owner-occupier SuperValu, other tenants of the 24 units include Lloyds pharmacy, An Post, a florist, beauticians, health food store, Hooke & Ladder restaurant and McDonald’s.

QRE said there was huge scope to enhance the value of the centre by leasing the remaining units on competitive terms.