Thursday 23 November 2017

Wexford's Stonebridge Development on the market for €6.75 million

By David Tucker

The Stonebridge development at Paul Quay includes TK Maxx, 73 apartments, a multi-storey car park and other retail units.
The Stonebridge development at Paul Quay includes TK Maxx, 73 apartments, a multi-storey car park and other retail units.

THE Stonebridge Development on Paul Quay in Wexford is back on the market with a price tag of more than €6.75 million, making it one of the largest property portfolio sales in the town for many years.

The six-storey development includes the premises leased by major retailer TK Maxx, 73 apartments, retail space, and a multi-storey car park with 314 spaces along with a former grain store building on a site of 2.15 acres.

Karl Stewart of agents DTZ Sherry FitzGerald is handling the sale of the portfolio located on Paul Quay.

The 73 apartment and duplex units occupy five floors, above the TK Maxx store, overlooking Paul Quay and the Irish Sea. The apartments offer spacious accommodation with 14 different layouts to include two 1 bedroom apartments, 59, two bedroom apartments, five, three bed apartments and seven, three bedroom duplexes to be serviced by 85 car parking spaces in the adjoining car park.

The presence of T.K.Maxx is major drawcard for any investor as the multinational is said to be paying five per cent of its turnover in rent which is believed to be around €250,000 a year.

The standard of construction and finish at Stonebridge is of the very highest quality and fully fitted kitchens with appliances, quality bathroom fittings, cable TV and phone lines are provided in each apartment. The apartment block is available with full vacant possession.

Part of this sale is the Paul Quay multi-storey car park is a split level, six-storey car park over ground floor commercial space finished to a grey shell.

One of the most interesting parts to this sale is the impressive former Grain Store building which has undergone considerable refurbishment and provides approximately 2,600 sq m (28,000 sq ft) of commercial space on six levels and is suitable for a variety of uses (subject to planning permission). This property is a listed building.

The remaining properties in this sale include 89 South Main Street is a vacant three-storey commercial building with retail on the ground floor and living/ accommodation space overhead. The building is in need of renovation, this building was originally acquired to provide a link and access to the car park on Paul Quay. Finally Unit B Pierce Court is let to Prometric Ireland Limited operating as a Driver Theory Test Centre on a long lease at a passing rent of €24,000 per annum.

Karl Stewart said 'the mixed use development is one of the largest to come on the market regionally and would appeal to local interest as well as to national and international investors due to the strength of the anchor tenant and the quantity and quality of the multi-family apartments'.

Joint agent Adrian Haythornthwaite, of Sherry FitzGerald Haythornthwaite said the portfolio provides a unique opportunity to acquire a modern investment opportunity that is strategically located adjacent to Wexford's main retail core from a commercial perspective but also provides sea views from a range of the residential element'.

DTZ Sherry FitzGerald and Sherry FitzGerald Haythornthwaite are guiding in excess of €6.75 million.

Wexford People

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