Investor in talks with new tenants on development
THE PRIVATE investor who bought the old Redmond Square cinema complex for more €2.5 million is already in talks with would-be tenants about how best to suit their needs in the development. Auctioneer Peter Love, from Dublin-based Cushman Wakefield, the company which sold the complex, said the Dublin investor, who had interests throughout the country, wished to remain anonymous, but had major plans for his Wexford acquisition further down the line. ‘He will probably retain its use and will probably amalgamate a couple of the vacant units,’ said Mr Love. He said the former cinema would best suit a retail or leisure use ‘ but there is obviously a bit of work to be done first’. ‘ There was good interest in it, it’s a great block,’ said Mr Love. ‘What they (the buyers) are going to do first is line-up the tenants and then do work for their benefit.. they are willing to spend on the development, get a few new tenants and create more business for Wexford. It’s good news for the town,’ said the auctioneer. The Redmond Square block, which comprises a large section of Redmond Square including 14 retail units, the vacant cinema and a car park went up for sale last year with a guide price in excess of €2.25 million and was placed on the market by the receivers Grant Thornton. The extensive property has a total floor space of 35,931 sq ft and includes 269 car spaces beside the old Cineplex cinema which is also being sold along with a first floor office space at 48 North main Street above a fashion outlet. The retail centre has several sitting tenants including Hidden Hearing, Vision Care, Sports Factory Outlet, Unique, the National DriverLicence Centre and the Brian Hall O’Mahoney Dental Practice. The current rental income is estimated at €213,731 per year. Existing tenants will not be affected but the sale and will continue to trade. When the development went on the market, it was bringing in almost €214,000 a year in rents. The units went into receivership in 2013 with Grant Thorntown being appointed as the receiver.