Sale of Redmond Square Shopping Centre
The sale of Redmond Square Shopping Centre with an asking price of €2.25 million, is understood to be imminent.
The auctioneers acting on behalf of recievers Grant Thornton are currently in negotiations with a number of interested parties and a sale agreement could be finalised before Christmas, according to a source.
The shopping centre includes 14 retail units, ten of which are currently rented, producing an annual rental income of €213,73.
It also incorporates a fully operational car park with 269 spaces which produces a rental income of €45,000 and a vacant cinema extending to 10,969 square feet.
The shopping centre with current tenants including Hidden Hearing, Vision Care, Sports Factory Outlet, Unique, the National Driver Licence Service Centre and Brian Hall O’ Mahoney dental practice is being sold as an investment property and going concern.
It was placed on the market in mid-September by joint agents Cushman & Wakefield and Fenelon Properties on behalf of Grant Thorntown who were appointed receivers to the property formerly owned by the Wexford developer and businessman Tom Donnelly.
The portfolio also includes a first floor office at 48 North Main Street which is let at a rent of €9,996 to Scurri, the online shipping service for e-commerce businesses.