Prime Commercial Space Up For Sale

On the market: the Broad Street Centre and the City Square Car Park.

On the market: the Broad Street Centre and the City Square Car Park.

The two largest commercial spaces to be brought to the south east market since 2007, the Broad Street Shopping Centre and the City Square Car Park, are already attracting considerable interest.

Both sites are being brought to the market by Des Purcell of Purcell Properties with the car park guide price established at €7 million, while the Broad Street Centre guide price has been set at €6.5 million.

“There is national interest in these assets,” said Mr Purcell, “and viewers representing a diverse range of interests, including substantial property investors and representatives of property funds, will run an eye over both investments in the coming weeks”.

The car park, which was developed in 1993, has an annual turnover of circa €1,185,000, is set over two floors, and is located beneath City Square, where it operates for 80 hours per week.

Its immediacy to the centre overhead, as well as the pedestrianised Barronstrand Street and Broad Street areas, add to the car park’s “excellent levels of profitability”.

The Broad Street Centre was originally developed by the old L&N group in the late 1980s and opened in 1988, “and represents the largest single bloc of retail space to come to the market in Waterford city centre for a very long time,” according to our source.

Retail tenants at the 30,000 square-feet cent centre (over basement and three overhead floors) include Footlocker, Sam McCauley Pharmacy, H Samuel and Petit Cheri.

Office tenants include Canada Life, AIB and the Musgrave Group. All tenants occupy long-term leases and are not affected by the current sale. Total rental income per annum comes to circa €750,000.

Speaking to The Munster Express, other property sources described the 500-space car park at City Square as “highly profitable” and stressed that it is “entirely coincidental” that City Square Shopping Centre, “a separate commercial entity” was also currently for sale.

Sources have also speculated that “it would make sense for the buyer of the shopping centre to buy the car park, but this remains to be seen”.

“The outcome of the sale of these two major assets,” our source added, “would act as a very good barometer on how Waterford is perceived economically. Both the car park and the Broad Street Centre represent very strong assets in prime locations, and both are highly profitable.

“Comparable property of this nature, provincially, has not been on the market for a very considerable time.”

Dermot Keyes

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