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Frances Watkins, 21 Jul
THE PARKWAY Shopping Centre in Limerick has been sold to investors.
Davy Real Estate has completed a €74 million acquisition of six
regional shopping centres throughout Ireland, including the Parkway.
It has been confirmed to the Limerick Leader, that the sale of the
Parkway will not affect retailers or the management company.
A precise price for the Parkway has not been disclosed, only that it
was acquired as part of the multi-million euro deal.
The Parkway Shopping Centre is located on the Dublin road just outside
Limerick city.
The centre is anchored by Dunnes Stores and comprises 135,000 sq. ft.
over a single level with 30 stores and more than 700 free car parking
spaces.
The Hexagon Portfolio comprises the Parkway Shopping Centre,
Letterkenny Shopping Centre, the Longwalk Centre in Dundalk, Galway
Shopping Centre, Laois Shopping Centre and Donaghmede Shopping Centre
in Dublin.
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Limerick sisters rewarded for years of charity
The shopping centres were built and owned by developer Pat Doherty’s
Harcourt Developments and bought by Davy after two prospective buyers
walked away from the sale, reports the Irish Times.
Camgill Development Corporation and Lugus Capital both backed out of
their respective negotiations to buy the centres.
The final sale price of €74 million is a 26% discount on the
original €100 million price which had been guided by agent JLL when the
portfolio was originally put on the market.
In 2016, Irish Life acquired the Childers Road retail park nearby
for €46 million. The sale was handled by HWBC and DTZ Sherry
Fitzgerald.
The following year, the Parkway Retail Park was sold for €24.3m
by Green Reit.