International real estate advisor Savills has brought to market a 3-acre commercial site in Limerick's main shopping district for a quoting price of circa £12.5 million.
The brownfield site, previously known as 'The Opera Centre', is made up of a range of former commercial and industrial buildings as well as the old Limerick town hall. It has the capacity for a 30,000-m² shopping mall scheme located on Limerick's Patrick Street, part of the City's main shopping district.
Larry Brennan, head of retail for Savills Ireland, comments: "The site has a positive planning history with two planning grants for major retail schemes. This confirms its key strategic importance to the city of Limerick and its potential to accommodate some of the large retail and leisure requirements for the City.
Limerick represents one of Ireland's key retail and commercial markets, and is Ireland's third largest city by population and catchment.
Peter O'Meara, of Savills Cork office adds: "Limerick is a key employment and administrative center and home to the University of Limerick, one of Ireland's principal third level institutions. With a good level of footfall throughout the city center, this rare opportunity to acquire a site that has been assembled over the last decade could allow an incoming investor or developer to take advantage of more affordable market conditions."