The long-standing difficulties faced by Debenhams in the UK and the more recent demise of its operations in Ireland present developers and investors with an opportunity to secure a prime pitch in Limerick city centre.
Having served as the home of the UK retailer since its acquisition in 2006 of the Irish-owned Roches Stores business, and prior to that as the historic location of McBirney's Drapery Emporium, 134-135 O'Connell Street has been brought to the market by agent Cushman & Wakefield at a guide price of €9 million.
The subject property comprises a four-storey over-basement commercial premises with dual frontage on to O’Connell Street and Sarsfield Street.
The area has long been considered as the commercial core of Limerick city, with nearby occupiers including Penneys, McDonald's, Starbucks, Brown Thomas and Bank of Ireland all within a short walking distance of Cruises Street, the proposed new city campus of the University of Limerick at Sarsfield Bridge, and Arthur's Quay Shopping Centre.
Prior to the recent closure of its Irish operations Debenhams traded at 134-135 O’Connell Street from the basement through to the second floor, with storage and staff facilities on the third floor.
The property is in good condition throughout with part-tiled, part-wooden flooring with suspended ceilings in the main and spot lighting.
The entire property extends to 6,699.5sq m (72,113 sq ft) with the ground floor specifically extending to 2,005.8 sq m (21,590 sq ft).
Karl Stewart, who is handling the sale on behalf of Cushman & Wakefield, says: “This is a unique opportunity to acquire a substantial prime commercial opportunity in the heart of Limerick city centre located adjacent to the city’s main international retailers. The property is ideal for redevelopment or reconfiguration, and is suitable for multiple uses, subject to planning permission.”
