A GUIDE price of €15million has been set for the Arthur’s Quay Shopping Centre in Limerick City which is being offered for sale by Tiernan Property Holdings.
The 7,178 sq m mixed use complex, which was delivered by Clare native Michael Tiernan in partnership with the late Cork developer Owen O’Callaghan in 1989, currently generates around €1.45 million a year in rental income.
Along with retail units and office accommodation laid out over four floors. There is also an extensive multistorey car park with 570 spaces and ten apartments.
The Shopping Centre makes up a central piece of Limerick City and County Council’s proposed redevelopment of the city centre which has been identified by Limerick 2030 as a priority project with the potential to revitalise the city centre.
Urban regeneration and development funding of €116 million was approved by the Government in 2021 with a significant portion to be used for the development of world-class waterfront on the River Shannon at Arthur’s Quay.
In a statement issued this (Wednesday) morning, a spokesperson for Tiernan Properties said that following much thought and deliberation over the past few months, Michael (Tiernan) has come to the decision that it is time for him to retire and hand over the baton to enable significant new investment in Limerick City Centre to be realised.
“With this in mind, Tiernan Properties has decided to go to the market with a view to seeking a new purchaser / investor for Arthur’s Quay Shopping Centre.
“Limerick City and County Council are currently spearheading a new Framework Strategy for the Arthur’s Quay Area and the time is now right for new energy and investment to be attracted to realise these ambitious plans.
“This is an exciting time for Limerick City Centre what with the new public realm works on O’Connell Street approaching completion, great new developments springing up at Bishop’s Quay and Opera Quarter in addition to the exciting new plans of Limerick 2030 for the Cleeves site.
“Michael is very grateful for all of the support which he has received over the past decades since the development of Arthur’s Quay in 1989 and has been very fortunate to work constructively with all of the key city stakeholders in particular City Hall and the vibrant business community in the city,” the statement concluded.