Galway Bay fm newsroom – A retail park in the west side of the city is to be sold as part of a €115 million euro national portfolio.
Gateway Retail Park in Knocknacarra is one of three retail locations nationwide set to be sold in a single lot on the instructions of NAMA.
The 84 thousand square foot Gateway Retail Park in Knocknacarra was developed by property developer Michael Whelan in 2005 at a cost of almost 30 million euro.
It now carries a price tag of 15 million euro – and is set to be offered as part of the ‘Hazel’ Portfolio being offered by DTZ Sherry Fitzgerald on the instruction of NAMA.
The portfolio also includes the Wilton Shopping Center in Cork and Drogheda Retail Park, for an overall asking price of 115 million euro.
The retail park in Knocknacarra has units occupied by B&Q, Next, New Look and McSharrys Pharmacy – and produces an annual rental income of 1.4 million euro.
The complex also contains a separately developed Dunnes Stores unit which was permitted due to open-consent retail use granted by planners.
According to the Irish Times, potential buyers will also have the opportunity to enlarge the retail park, with planning permission available for a second phase on an adjoining 4 acre site.