Retail SectorParkway Valley shopping centre will have a lettable floor area of around 23,225sq m (250,000sq ft) and there should be plenty of interest among the major multiples in its anchor store, writes Jack Fagan
Limerick city is to get yet another shopping centre. Dublin developer Liam Carroll has just begun site work for a substantial retail complex beside the Parkway Retail Park on the Dublin Road.
Parkway Valley shopping centre will cost around €120 million to develop and will have a lettable floor area of around 23,225sq m (250,000sq ft).
The site for the centre and the adjoining retail park originally formed part of the Dunloe Ewart portfolio acquired by Carroll several years ago. TK Maxx is the anchor in the retail park, a long line of units fronting on to the Dublin road.
Limerick City Council's decision to grant permission for the new shopping centre surprised many, given the traffic congestion in the area and the fact that there are already two shopping centres in the immediate vicinity - the rundown Parkway centre off the roundabout and the stylish new Dunnes Stores on Children Road.
Dublin-based property developer Pat Doherty of Harcourt Developments was the surprise purchaser of the Parkway centre last year, paying €55 million for it.
The company is currently preparing a blueprint for the redevelopment of the centre which also has a Dunnes Stores as an anchor. Apart from a total upgrade and more retail space, Harcourt is also likely to provide a hotel and apartments on the sprawling site.
Bannon Commercial, letting agent for the proposed Parkway Valley shopping centre, is expected to pitch for a department store operator to anchor the complex.
Marks & Spencer, not yet represented in Limerick, is likely to be a prime target for the 9,290sq m (100,000sq ft) main store followed by Debenhams and House of Frazer.
Debenhams has already moved into the former Roches Stores in the city but its operation is greatly restricted by space limitations.
There will also be up to 45 other unit shops for letting.
