The Sisk Group has exchanged another of its commercial investments for cash, selling its car-park at the City Square shopping centre in Waterford for around £7 million. The group recently secured £7.1 million for the troubled Shannon Town Centre which it developed more than 20 years ago. Last summer it also sold St Stephen's Green House, a 67,000 sq ft office block at Earlsfort Terrace, Dublin 2, for £23 million. Before that it sold the Swan Shopping Centre in Rathmines for £13 million. The Sisk Group's exit from some of its more substantial commercial investments when values were still on the high side will leave it with a significant war chest to reinvest, possibly in new developments.

The Waterford business couple, Cecil and Bernie Rothwell, who acquired the 426-space car-park on two levels, own the Broadstreet Centre, a 15-shop retail complex in the middle of the city. The initial yield on the car-park will be around 7 per cent. Both Dunnes Stores and Roches Stores are anchor tenants in City Square Shopping Centre which was developed by Sisk Properties in 1993. The two anchor tenants and a few others own their own buildings and the balance of the complex is held by Bank of Ireland Asset Managers. Des Purcell of the Waterford-based Purcell Properties handled the sale of the car-park for Sisk Properties.