NAMA puts Edward Square on market

Date Published: 07-Jun-2012

BY ENDA CUNNINGHAM

The Edward Square retail complex in Galway – which was valued in the past at more than €50 million – has been put on the market by NAMA with a price tag of €27m. The development cost in the region of €13m when it was built over 10 years ago.

The development, which is anchored by Dunnes Stores and also houses Next, Topshop, Miss Selfridge and Oasis is being sold by the National Asset Management Agency “in collaboration” with developer Gerry Barrett; and NAMA may provide a loan for up to 70% of the of the purchase price.

The complex – which links to the Eyre Square Shopping Centre – comprises six retail units, while it’s understood that almost 40 overhead apartments will be sold separately by NAMA.

Mr Barrett’s Radical Properties company developed the site in 1998, and it opened in April 2000, at which point the cost was put at £40m (almost €51m). The complex is named after Mr Barrett’s father.

According to agents DTZ Sherry Fitzgerald, who are handing the sale with DNG Commercial, there should be strong interest, because the complex is performing well.

“The property is likely to continue to generate strong interest given the prime location and the fact similar modern retail units are in such short supply in Galway City, where a significant number of retailers are searching for suitable space.”

The total annual income of almost €2.3m will rise to €2.43m in October, because of a fixed rental increase clause in the Dunnes Stores lease.

For more on this story, see the Galway City Tribune.