Tipp Town Shopping Centre to go under the hammer with a eye-watering guide price

The Tipp Town Shopping Centre located on the Limerick Road on the outskirts of Tipperary town, is to be sold on March 21, with a guide price of €1,600,000.

The auction starts at 8am, and is being handled by Bidx1.com. A bidder security of €50,000 is required and is fully refundable if the bidder is unsuccessful.

Tipp Town Centre is described as a modern, purpose built shopping centre consisting of a large anchor grocery store and a total of nine retail and restaurant units over ground and part first floor.

The property also benefits from the provision of around 308 surface car parking spaces, and an on-site car wash facility. The grocery store, Dunnes Stores, occupies their own unit and does not form part of the sale.

The entire development extends to some 1,707 sqm.(18,377 sq ft) and is producing an annual income of €227,085 per year with about 291 sqm (2,711 sq ft) of lettable vacant retail space providing asset management opportunities. The asset is being sold with two sites with potential development.

Site one is located to the rear of the car park and extends to some 0.32 hectares (0.8 acres). Site two is located adjoining a garden centre and extends to some 0.16 ha (0.39 acres).

“Tipp Town Shopping Centre is conveniently located, about 1km outside the town on the N4 Limerick Road at the Bohercrow roundabout,” said the property agent.

“The shopping centre is anchored by a 4,200 sqm Dunnes Stores with other large retailers present within the vicinity including SuperValu, Mr Price, Lidl, and Tesco Superstore along with a number of independent retailers. Tipp Town Shopping Centre is the principal shopping centre in Tipp Town.”

Tipperary Town is located along the N74 and N24 national roads, with Limerick about 39km north west, Cork is 76 km south west, and Waterford is about 76 km to the south east. Tipperary Town is easily accessible via the national road network, as well as by bus via the Tipperary Town Bus station and Tipperary Town Train Station.

There is a weighted average unexpired lease term (WAULT) of 8.17 years to expiry, and the net initial yield (NIY) is 12.9pc, while the tenants are not affected. The Property Agent is Richard Hoey, email richard.hoey@bidx1.com or call 353 (0) 85 804 8210.